UK based neobank Revolut has completed another step in its expansion into “other areas”, acquiring a MiCA license from Cyprus financial regulator CySEC. By passporting its new license across the EU, Revolut will be able to start offering its European clients trading in cryptocurrencies.
The move by Revolut continues to highlight increasing competition among online financial services providers, as lines are becoming increasingly blurred between neobanks like Revolut, crypto exchanges platforms (such as Kraken and Crypto.com), and CFDs brokers.
Costas Michael, Revolut Cyprus CEO posted the following note on social media regarding the company’s latest license.
I am thrilled to share that Revolut Digital Assets Europe Ltd. (RDAEL) has officially received its MICA license by the CySEC – Cyprus Securities and Exchange Commission! 🚀
This success is 100% a story of our team. While I was deeply involved in driving this initiative, it was the exceptional talent and unwavering commitment of our Crypto Department and all our supporting teams that got us across the finish line.
A massive congratulations and a heartfelt thank you to everyone at RDAEL. Your hard work has put us at the forefront of our industry.
I also want to extend our sincere appreciation to CySEC – Cyprus Securities and Exchange Commission for their hard work and drive in navigating this new regulatory landscape.
We are now registered as license number 2/25 in Cyprus. This is a powerful statement about our capability and our commitment to compliance.
This milestone is the start of our next chapter. It’s no secret that we have ambitious plans for the crypto sector in the future, and our MiCA license is fundamental to all of that. We embrace the responsibilities that come with this license and are already hard at work fulfilling all new and ongoing conditions.
An incredibly proud day to be leading this team. Onwards and upwards!
