Revolut, one of Europe’s most popular digital banks, has obtained a Markets in Crypto-Assets (MiCA) licence from the Cyprus Securities and Exchange Commission (CySEC).
In addition, Revolut announced it is set to launch “1:1 conversion between stablecoins and USD”, without spreads – that is the difference between the buy and sell prices for currencies.
Costas Michael, CEO of Revolut Digital Assets Europe, said that receiving the licence “is a significant step in our journey, reflecting CySEC’s confidence in our commitment to regulatory compliance in crypto”. He added: “It’s no secret that we have ambitious plans for the crypto sector in the future, and our MiCA licence is fundamental to all of that.”
The licence could allow Revolut to provide and market crypto-asset services across all 30 markets in the European Economic Area (EEA) under the MiCA legislation, through a provision known as “passporting,” though it could still need to undergo additional scrutiny from individual EU states.
Revolut follows in the footsteps of Coinbase, which back in January acquired the Cyprus-based unit of BUX, rebranding it as Coinbase Financial Services Europe.
