According to Cointelegraph, Revolut has obtained a Markets in Crypto-Assets (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC), enabling it to offer compliant cryptocurrency services across 30 markets in the European Economic Area (EEA).
In a press release shared with Cointelegraph, the company stated that this move will further drive its expansion in the cryptocurrency market and prepare for the launch of its next-generation "Crypto 2.0" platform.
Costas Michael, CEO of Revolut Digital Assets Europe, said, "This authorization allows us to provide innovative crypto products to our growing customer base, enhancing transparency and trust while further demonstrating our ongoing commitment to the crypto asset category."
According to the announcement, the MiCA license allows Revolut to promote its full suite of crypto products under a regulatory framework. The company currently has over 65 million customers worldwide, with 40 million in Europe. With this licensing, the company will further expand its cryptocurrency trading, staking, and stablecoin services.
Revolut has also launched a range of new products, including its next-generation crypto platform Crypto 2.0, which will provide access to over 280 tokens, zero-fee staking, annual yields of up to 22%, and 1:1 stablecoin to USD conversion with no spread.
"The platform offers one of the most extensive and cost-effective crypto experiences in Europe when combined with the crypto-supporting Revolut Visa/Mastercard cards, seamless on/off-ramp tools, and low trading fees (0.00%–0.09%) of Revolut X," the company stated.
According to the company, last year Revolut launched the desktop cryptocurrency exchange Revolut X, designed for experienced traders, supporting trading of 100 tokens with low fees and real-time deposit and withdrawal capabilities.
The company noted that it subsequently expanded its cryptocurrency trading business in Europe, launching Revolut X in 30 markets within the European Economic Area (EEA). Revolut stated that the platform is now accessible via the App Store and Google Play, with over 14 million global crypto users.
In June of this year, a spokesperson for Revolut stated that the company is expanding its expertise in the cryptocurrency field, particularly targeting institutional clients. According to previous reports, Revolut is preparing to enter the crypto derivatives market.
In May of this year, Revolut announced plans to invest over €1 billion (approximately $1.1 billion) in France and apply for a local banking license as part of the company's expansion in the region.
Related: The biggest financial regret of young Australians: Ignoring $400 worth of Bitcoin (BTC)
Original: “Revolut Secures MiCA License in Cyprus, Plans to Launch Cryptocurrency Services Across Europe”
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