British neobank Revolut has completed another step in its expansion into “other sectors”, obtaining a MiCA license from the Cypriot financial regulator CySEC. Passported to its new EU-wide license, Revolut will be able to begin offering its European customers cryptocurrency transactions.
Revolut’s move continues to highlight the growing competition among online financial service providers, as the lines become increasingly blurred between neobanks such as Revolut, crypto exchange platforms (such as Kraken and Crypto.com) and CFD brokers.
Kostas Michael, CEO of Revolut Cyprus posted the following note on social media regarding the company’s latest license.
I am excited to share that Revolut Digital Assets Europe Ltd. (RDAEL) has officially received the MICA license from the Greek Capital Market Commission! 🚀
This success is 100% our team’s story. While I was deeply involved in driving this initiative, it was the exceptional talent and unwavering commitment of the Crypto Division and all of our supporting teams that got us to the finish line.
Congratulations and a sincere thank you to everyone at RDAEL. Your hard work has put us at the forefront of our industry.
I also want to express our sincere appreciation to 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 strong statement about our capabilities and our commitment to compliance.
This milestone is the beginning of our next chapter. It’s no secret that we have ambitious plans for the crypto sector going forward, and the MiCA license is fundamental to all of that. We accept the responsibilities of this license and are already hard at work meeting all new and ongoing requirements.
An incredibly proud day to lead this team. Over and over!