Crypto-focused fintech app Revolut has reportedly secured its MiCA registration to expand its operations in the European Union (EU) region. The Securities and Exchange Commission of Cyprus (CySEC) granted Revolut its license that will allow it to tap into all of the 30 markets that make for the European Economic Area (EEA).
The company, headquartered in London, plans to launch its “Crypto 2.0” platform in the EU now that the approval has come through. This platform will feature over 280 crypto tokens and offer zero-fee staking that could churn rewards of upto 22 percent yearly, CoinDesk reported on Thursday, October 23 citing a mailed confirmation from the company.
Revolut has selected Cyprus as its base in the EEA.
“MiCA gives us the clarity to deliver trusted, next-generation crypto products for Europe’s growing digital finance community,” Costas Michael, CEO of Revolut Digital Assets Europe was quoted as saying.
Founded in 2015 as a fintech firm, Revolut started offering crypto services in 2017. In 2024, it launched its standalone crypto trading platform dubbed Revolut X. Its platforms offer services like crypto buying, selling, and trading along with advanced trading features and crypto pard payments among others.
The company has been eyeing a major EU expansion for a while now. Earlier this year, Revolut said it planned to invest EUR 1 billion to expand its presence in France.
Other than the EU, the company has also been growing its footprint in other parts of the world. Last month, Revolut obtained an in-principle payments licence in the UAE from the Central Bank of the UAE (CBUAE).
In 2024, Revoult reported profits worth $1.4 billion, with key contributors being its stock and digital asset trading portion of the business.