Revolut has been granted a crypto licence by Cyprus's financial regulator, which allows the financial institution to offer crypto services throughout the European Union.
Following this announcement, Revolut has received a Markets in Crypto Assets (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC), which is expected to allow the institution to provide regulated crypto services across all 30 countries in the European Economic Area (EEA).
In addition, according to CoinDesk, the company plans to roll out `Crypto 2.0`, an expanded platform that is expected to feature more than 280 tokens, zero-fee staking with rewards of up to 22% annual yield, as well as a direct 1:1 stablecoin-to-USD conversions with no spread.
More information on Revolut’s expansion strategy
Revolut’s granted licence in Cyprus comes as MiCA takes effect across the EU, focusing on optimising the manner in which exchanges and wallet providers operate. At the same time, the company’s Cyprus base is expected to serve as a hub for its EEA crypto operations, building on the development of its Revolut X trading platform and crypto integration with wallets like MetaMask and Ledger.
This initiative follows Revolut's announcement that it secured a full banking licence in the region of Mexico, as the approval is expected to allow the company to offer a range of financial products under local banking supervision, with deposits insured by the Instituto para la Protección al Ahorro Bancario (IPAB) up to MXN 3.4 million per customer. According to representatives from Revolut, the launch aimed to increase access to digital banking options and promote consumer choice across the country’s financial ecosystem. At the same time, Revolut officials mentioned that the upcoming launch in Mexico is expected to give residents access to a wider set of financial services through a regulated platform.
Earlier in the same month, Revolut reportedly moved towards finalising a USD 3 billion fundraising round that would value the company at approximately USD 75 billion. According to previous reports, the round was oversubscribed, and sources familiar with the matter also mentioned that the deal will merge new funding with a secondary share sale, providing liquidity to early backers and employees.
