Digital bank Revolut obtained a crypto services licence from the Cyprus Securities and Exchange Commission (CySEC) on Wednesday, effectively gaining a “passport” to offer cryptocurrency-related services across the European Union through Cyprus.
The licence was issued to Revolut’s Cypriot subsidiary, RT Digital Securities Cyprus Ltd, making it the second entity to receive such authorisation under the EU’s Markets in Crypto-Assets (MiCA) regulation governing cryptocurrency markets.
The well-known company eToro received the first licence in February 2025. CySEC is reviewing licence applications from additional companies, according to information obtained by this newspaper.
Crypto services drive profit explosion
Revolut recorded its highest-ever profits in 2024, with crypto asset services serving as a key driver of growth. The company’s total revenues increased to £3.1 billion from £1.8 billion a year earlier, whilst Revolut’s customer base exceeded 50 million worldwide, with 15 million new users added during 2024.
According to the company’s annual report and international media coverage, pre-tax profits more than doubled, reaching £1 billion from £438 million in the corresponding 2023 period.
The “Wealth” category, which includes crypto asset transactions among other services, played a decisive role in the company’s performance. Revenue in this sector nearly quadrupled compared to 2023, reaching £506 million. The surge in crypto asset trading activity is considered crucial to the historic record, restoring the sector to levels comparable with the crypto boom of 2021, when Revolut first recorded an annual profit. In contrast, crypto revenues declined in 2022 and 2023 due to the major market downturn.
MiCA regulation framework
The EU’s Markets in Crypto-Assets (MiCA) regulation has applied since December 2024 to specific crypto asset categories, establishing a unified supervisory framework for issuers and service providers in the EU. According to the EU, it forms part of the digital finance package adopted by the Commission in September 2020.
The package strengthens EU rules for combating money laundering and terrorist financing, including rules on information accompanying money transfers.
The regulation applies to the issuance, public offering and admission to trading of crypto assets on a crypto asset trading platform, as well as the provision of crypto asset-related services.
Three types of crypto assets
The regulation distinguishes the following types of crypto assets:
- E-money tokens (crypto assets stabilising their value relative to an official currency)
- Asset-referenced tokens (crypto assets stabilising their value relative to other assets or a basket of assets)
- Crypto assets other than asset-referenced tokens and e-money tokens
Offerors or persons seeking admission to trading of crypto assets other than asset-referenced tokens and e-money tokens must:
- Be a legal entity
- Publish a crypto asset white paper and any marketing communications on their website
- Act with honesty, fairness and professionalism
- Communicate with actual and potential asset holders in a fair, clear and non-misleading manner
- Identify, prevent, manage and disclose any conflicts of interest
- Be liable for damages due to incorrect information in the white paper
- Grant crypto asset holders a right of withdrawal
