Revolut Receives Permission To Offer Crypto Services Across the European Union

The Cyprus Securities and Exchange Commission (CySEC) has granted Revolut permission to offer crypto services across the European Union. This is another milestone for the UK fintech firm as it continues to expand its operations.

Following the license, Revolut can now sell its digital tokens across 30 countries within the European Economic Area. The license is coming days after Revolut received approval from Mexican regulators to give loans and accept deposits as a licensed bank.

Costas Michael, Revolut’s Head of Digital Assets Europe, shared the news in a LinkedIn post. “Securing the license reflects CySEC’s trust in our regulatory standards,” he said. Michael also noted that the MiCA license will give the firm the direction to offer next-generation crypto products to European traders.

Revolut Says Customers Can Easily Convert Stablecoins To U.S. Dollars

Revolut says it plans to roll out Crypto 2.0, a platform featuring over 280 digital assets. The platform will also give traders and users the opportunity to stake cryptocurrencies with no platform fees. In addition, some of the staking products will offer as much as 22% annual yield. However, such returns may fluctuate throughout the year, depending on network participation.

Revolut has also promised to enable frictionless crypto-to-fiat conversions. The fintech giant says customers can convert their stablecoins to U.S. dollars at a 1:1 rate, with no spreads. This makes cryptocurrency conversion cheaper for traders, allowing a smooth movement between digital and traditional currencies.

Revolute is receiving its license as the European regulator implements a new MiCA rule. The new rule, implemented this year, requires crypto exchanges to meet consumer protection and transparency standards. After the new rule went into effect, some crypto platforms had to stop onboarding new customers while they worked on their applications.

Revolut has been adjusting to meet the new requirements. The platform initially moved crypto users to a Cyprus-based entity registered and supervised by CySEC. Revolut also stopped registering new users this year to comply with regulatory requirements.

Revolut Receives License To Operate As A Digital Banker In Mexico

According to industry data, over 65% of European crypto firms are expected to meet the required standards before the end of the year. However, those who are unable to meet the requirements before the deadline will face potential fines that could exceed €1.2 billion across the industry.

Revolut has continuously expanded its operations. This time, the fintech giant is extending its footprint beyond traditional banking. The firm is now fully licensed to operate as a multiple banking institution in Mexico. This makes Revolut the first digital bank to receive a full-scale digital banking license without a merger or acquisition.