Revolut obtained a Markets in Crypto-Assets Regulation (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC), enabling it to offer regulated crypto services across all 30 markets in the European Economic Area (EEA).
The move boosts Revolut’s expansion in the crypto market as the fintech prepares to launch its next-generation “Crypto 2.0” platform, the company said in a news release shared with Cointelegraph.
“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,” said Costas Michael, CEO of Revolut Digital Assets Europe.
The MiCA license allows Revolut to market its full suite of crypto products under the regulatory framework. The company, which serves more than 65 million customers worldwide, including 40 million in Europe, will use the license to expand its crypto trading, staking and stablecoin offerings, per the announcement.
Related: Revolut doubles profits to $1.3B on user growth, crypto trading boom
Revolut’s Crypto 2.0 to offer 280 tokens
Revolut also unveiled a suite of new products, including its next-generation crypto platform, Crypto 2.0, which will include access to over 280 tokens, zero-fee staking with returns of up to 22% annual percentage yield and 1:1 stablecoin-to-US dollar conversion without spreads.
“When paired with crypto-enabled Revolut Visa/Mastercard cards, seamless on/off-ramping tools, and Revolut X’s low trading fees (0.00%–0.09%), the platform delivers one of the broadest and most cost-effective crypto experiences in Europe,” the company wrote.
Revolut teases its new platform Crypto 2.0. Source: RevolutLast year, Revolut introduced Revolut X, a dedicated desktop crypto exchange targeting experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off-ramp capabilities.
The firm later expanded its crypto exchange in Europe, rolling out Revolut X in 30 markets across the European Economic Area (EEA). The platform, which now supports mobile access via the App Store and Google Play, has attracted more than 14 million crypto users globally, Revlout said.
Related: Pyth partners with Revolut for real-time digital asset data
Revolut eyes crypto derivatives market
In June, a Revolut spokesperson confirmed that the fintech was expanding its crypto expertise, particularly for institutional clients, after reports speculated that it was preparing to enter the crypto derivatives market.
In May, Revolut announced plans to invest over 1 billion euro ($1.1 billion) in France and apply for a local banking license as part of its expansion in the region.
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Source: https://cointelegraph.com/news/revolut-secures-mica-license-in-cyprus?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
