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Fintech firm Revolut has received a cryptocurrency license from Cyprus, paving the way for the company to continue expanding its crypto services across the European Union. The move comes as crypto trading drives a significant portion of Revolut’s business growth, with about one in five of its 65 million users actively trading digital currencies.
Crypto powers growth
According to Kathimerini's Panayiotis Rougalas, Revolut introduced cryptocurrency trading on its app in 2017 and launched a standalone platform, Revolut X, earlier this year. The company says crypto has been a major growth engine, contributing to its $75 billion valuation during a recent secondary share sale.
According to Reuters, 14 million users, or 22% of Revolut’s customer base, are active in cryptocurrency, meaning they have passed all know-your-customer checks and are fully integrated into the company’s crypto ecosystem.
A third license for Cyprus
The license from the Cyprus Securities and Exchange Commission (CySEC) marks the third crypto license granted by the authority. The other two licensees are eToro (Europe) Ltd and Collect & Exchange CY Ltd.
CySEC will officially update its records to include Revolut in the coming hours or days. The license allows Revolut to operate legally across the EU under the new MiCAR regulations governing cryptocurrency services.
Looking ahead
With the new license in place, Revolut can continue its crypto offerings in Europe while staying compliant with EU rules. The move solidifies Cyprus’ role as a growing hub for crypto licensing and fintech operations.
