Revolut shores up EU position with Cyprus MiCA license

Revolut has obtained a critical MiCA license from Cypriot regulators, ensuring the continuity and expansion of its crypto services for millions of users across the European Union.

On Oct. 23, Reuters reported that the British fintech giant secured a crypto asset service provider license from the Cyprus Securities and Exchange Commission. The authorization, granted under the EU’s landmark Markets in Crypto-Assets framework, serves as a passport, permitting Revolut to roll out its crypto products across all 27 member states without navigating a patchwork of national regulations.

Revolut’s clearance positions it ahead of a crowded field of fintechs racing to adapt the MiCA framework. For the $75 billion firm, whose crypto division has become a key growth driver, the license ensures uninterrupted access to one of its most active markets.

Revolut’s crypto roots run deep as expansion gains momentum

Revolut’s early move into digital assets, introducing crypto trading back in 2017, has evolved into a core component of its business. The scale of this user base is now clear: with over 65 million global customers, a significant 14 million, or 22%, are fully onboarded crypto users.

The company’s annual report reveals that revenue in its “Wealth” segment, which houses its crypto operations, skyrocketed by nearly 300% last year to $674 million. This explosive growth, attributed directly to increased crypto trading and the launch of its Revolut X exchange, underscores how deeply digital assets are now woven into the fintech’s revenue model.

That surge mirrors a broader shift across traditional fintechs, where digital assets are treated as structural components of financial ecosystems. Payment behemoths like PayPal and Stripe have deepened their crypto integrations, while trading app Robinhood and asset manager BlackRock have significantly expanded their own digital offerings.

Revolut’s own expansion has moved just as aggressively. Just days before the MiCA announcement, on October 20, the company revealed it had received final regulatory approval to launch full banking operations in Mexico, marking it as the first independent digital bank to build a licensed entity there from the ground up.

This was preceded by its October 14 acquisition of AI travel startup Swifty, a move aimed at injecting sophisticated lifestyle automation into its loyalty and AI assistant programs.