tl;dr
Revolut secures MiCA license, enabling expanded crypto services across EEA and potential stablecoin launch, while setting a regulatory precedent in Europe.
**Revolut Secures MiCA License, Paves Way for Expanded Crypto Services and Potential Stablecoin Launch**
Revolut, Europe’s leading digital bank, has taken a major step forward in its cryptocurrency ambitions by obtaining a Markets in Crypto-Assets (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC). The approval positions the neobank to offer crypto-asset services across all 30 European Economic Area (EEA) markets through a regulatory mechanism known as “passporting,” although individual EU member states may still impose additional requirements.
The license underscores Revolut’s commitment to regulatory compliance in the crypto sector, according to Costas Michael, CEO of Revolut Digital Assets Europe. “Receiving the MiCA license is a significant step in our journey, reflecting CySEC’s confidence in our dedication to regulatory standards,” Michael stated. He emphasized that the license is foundational to Revolut’s broader crypto strategy, which includes plans for “ambitious” future developments.
Revolut has been offering crypto trading since 2017, with its services expanding steadily over the years. In November 2024, the company launched Revolut X, a standalone crypto exchange available across the EEA, enabling users to trade 200 cryptocurrencies via a desktop platform. Additionally, Revolut announced it will soon introduce “1:1 conversion between stablecoins and USD” without spreads, enhancing liquidity and user experience.
The move comes as Revolut joins other crypto firms leveraging Cyprus as a gateway to MiCA compliance. In January 2025, Coinbase acquired the Cyprus-based unit of BUX, rebranding it as Coinbase Financial Services Europe ahead of securing its own MiCA license in Luxembourg.
**Stablecoin Speculation Gains Momentum**
Rumors about Revolut launching its own stablecoin have persisted for over a year. In June 2025, sources indicated the bank was actively pursuing the idea, though no official confirmation has been made. Legal expert Sadri Sali, a Netherlands-based specialist in EU crypto regulation, noted that the MiCA license makes a Revolut stablecoin “plausible” by 2026, once the framework is fully operational.
However, Sali clarified that a MiCA license alone does not permit stablecoin issuance. Under MiCA, the creation of e-money tokens (EMTs) is restricted to credit institutions and electronic money institutions (EMIs), while asset-referenced tokens (ARTs) require separate authorization and a whitepaper. Revolut’s Cyprus-based entity operates as a Crypto Asset Service Provider (CASP), functioning as a service provider rather than an issuer. The firm’s Lithuanian Electronic Money License (EMI) provides a legal foundation for stablecoin issuance, but Sali stressed the need for strict compliance with reserve requirements, governance protocols, and redemption mechanisms.
**Challenges for Competitors**
While Revolut’s move signals a strategic advantage, Sali highlighted the hurdles facing smaller and mid-sized banks. “Many challenger banks may be deterred by the costs of MiCA compliance, including the need for dozens of compliance officers to meet anti-money laundering (AML) standards,” he said. He noted that a “significant number of participants” are adopting a “wait-and-see” approach, but Revolut’s MiCA approval now offers a clear pathway for action.
As the EU’s crypto regulatory landscape matures, Revolut’s expansion and potential stablecoin launch could set a precedent, reshaping how digital assets are integrated into mainstream finance. With its dual focus on compliance and innovation, the neobank is positioning itself at the forefront of Europe’s evolving crypto ecosystem.