Revolut has been issued a Markets in Crypto Assets (MiCA) licence in Cyprus, allowing the FinTech to offer its crypto-asset services across all 30 markets in the European Economic Area (EEA).

The company, which currently serves over 65 million customers worldwide, said that the licence supports its wider expansion plans and advancements in the crypto sector.

The business has significantly expanded its capabilities since launching crypto trading within its app in 2017, with the company set to roll out 'Crypto 2.0', a new offering with more than 280+ tokens, staking with zero platform fees, and 1:1 stablecoin conversion to USD with no spreads.

Revolut now attracts over 14 million crypto users globally across both Revolut X and its primary retail app.

Last year, Revolut debuted its standalone cryptocurrency exchange, Revolut X, in the UK, before expanding it to all 30 EEA markets.

It has since launched mobile app support for Revolut X customers via the Apple App Store and Google Play Store.

The move comes as the FinTech pledges to become the "go-to" financial app for the Web3 community worldwide, offering "one of the most trusted and accessible" platforms for crypto trading in the UK, EEA, and beyond.

“It’s no secret that we have ambitious plans for the crypto sector in the future, and our MiCA license is fundamental to all of that,” said Costas Michael, chief executive, Revolut Digital Assets Europe. “This authorisation enables us to deliver groundbreaking crypto products with enhanced transparency and trust for our growing customer base, while further reiterating our commitment to crypto as an asset class.”

With Revolut one of the first major FinTechs to secure a licence, the announcement could mark the start of a trend for other challenger banks to seek out their own MiCA approval.

"This move clearly demonstrates MiCA now becoming a practical framework – not just a theory despite ongoing rumours that France and Italy will not recognise MiCA licences from certain jurisdictions including Malta and Luxembourg," said Theo Antoniou, founding partner of law firm Spencer West LLP’s Cyprus office. "The move also adds to the speculation that Revolut may well be launching stablecoin now that it has a legal base to issue e-money and asset referenced tokens from."

---