Revolut secures MiCA license from CySEC to launch “Crypto 2.0,” expanding regulated crypto services across 30 EU markets.
Fintech giant Revolut has achieved a critical regulatory milestone now. The firm obtained a Markets in Crypto-Assets (MiCA) license recently. This all-important license was awarded by the Cyprus Securities and Exchange Commission (CySEC). As a result, Revolut can provide entirely regulated crypto services. The license includes all 30 markets of the European Economic Area (EEA).
Revolut’s MiCA License Fuels Launch of “Crypto 2.0” Platform
This approval is a massive boost for Revolut’s expansion aspirations. Fintech sets out to roll out next-gen platform In fact, this new thing is called Crypto 2.0. The MiCA license currently gives a clear, common regulatory runway. This allows the firm to scale effectively throughout the continent.
Related Reading: Market News: Revolut’s Bold India Entry Sparks Payments Revolution | Live Bitcoin News
Moreover, the MiCA was approved on short notice. It came on the heels of news of another regulatory victory. Revolut had been approved to function as a licensed bank in Mexico. This provides the firm with the means to take deposits and grant loans.
Specifically, Revolut Digital Assets Europe is led by Costas Michael. He announced the regulatory change through LinkedIn very rapidly. Michael said the license is a reflection of trust of Cyprus Securities and Exchange Commission (CySEC) in their standards. MiCA brings transparency to bring reliable crypto products. This is good for Europe’s emerging digital finance community as a whole.
“Indeed, the next iteration ‘Crypto 2.0’ will be a huge improvement.” The new platform will dramatically expand access of tokens. Now users will be able to trade more than 280 cryptocurrencies. The platform is meant to be comprehensive, as well as extremely competitive.
Moreover, Crypto 2.0 is already about to introduce new innovative staking. The platform will offer staking services with zero platform fees. Users can easily earn rewards of up to 22% APY. They are low-cost and high-yield to attract more users.
New Crypto Platform Intensifies European Competition
Additionally, it will make stability coin deals easier. Stablecoins can be converted to a 1:1 ratio value of USD. Crucially, there will no longer be a spread on the conversion. This helps to reduce friction from cross-border payments effectively. Therefore, the importance was confirmed by Emil Urmanshin, Director of Crypto at Revolut. He described the MiCA license as an important step for the company.
Therefore, the strategic move significantly enhances European competition. Revolut has now become a target of competition from much bigger financial players. A wave of traditional companies is aggressively increasing their crypto services. Hence, the firm will need its competitive advantage very much.
Additionally, several established giants are present in the market. PayPal in fact is in the space now. Robinhood and Stripe, the fintech giant and the trading app, also compete. Investment colossus BlackRock has also entered the digital asset market. As a result, improved compliance is critical to the firm.
It will have its operational base in Cyprus. Revolut Digital Assets Europe Ltd (RDAEL) is regulated by the Cyprus Securities and Exchange Commission (CYSEC). This organization will be the regulated centralized point. Therefore, it provides strong compliance for EEA crypto businesses. This gives investor confidence a great boost.
Ultimately, the MiCA license gives clear and coherent guidance. Revolut can now establish its position in the European market successfully. The license provides investor confidence by providing clarity through regulation. The move represents a strong commitment to compliant innovation.
