Digital bank Revolut confirmed recently that it obtained regulatory approval from the CySEC – Cyprus Securities and Exchange Commission as part of the EU’s Markets in Crypto-Assets (MiCA) framework, enabling the UK-headquartered fintech company to provide digital asset services via 30 different European Economic Area nations. The licence notably positions digital bank Revolut among some of the major fintechs that are prepared to operate completely under Europe’s unified crypto framework.
The update marks a significant milestone for Revolut’s digital assets unit. The Fintech firm’s wealth segment—which includes digital assets trading—surged nearly 300% YoY, netting $674 million in overall revenue. With the latest authorisation, Revolut now intends to introduce “Crypto 2.0,” providing access to more than 280 cryptocurrencies, staking, as well as stablecoin conversions to USD.
Costas Michael, CFA, CEO of Revolut Digital Assets Europe, said that the licence now becomes part of the foundation for the Fintech firm’s business strategy in digital finance. The approval positions Revolut to meaningfully compete with more crypto-focused platforms such as Coinbase, Kraken, Robinhood, and PayPal.
As reported recently, Revolut, which enables a global fintech platform with over 65 million retail customers announced it has received final authorisation from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico, to commence operations as a Multiple Banking Institution operating in Mexico.
This latest approval is said to be the final regulatory step required before opening the bank’s services to the general public, solidifying its long-term commitment to the fast-growing Mexican market.
This milestone completes Revolut’s goal to becoming the independent digital bank to directly apply for and complete the full licensing and approval process “from scratch” in the country.
Revolut is now reportedly preparing to launch its product to consumers residing in Mexico who have signed up on the waiting list.
Being a “fully-regulated” bank allows Revolut to provide a range of financial services with improved customer protection, such as deposits insured by the IPAB (Instituto para la Protección al Ahorro) for “up to ca. 3.4mm MXN.”