TLDR
- Revolut, Blockchain.com, and Relai have all received MiCA licenses from European regulators, allowing them to offer crypto services across the European Economic Area
- Revolut secured its license from Cyprus Securities and Exchange Commission and plans to launch 1:1 stablecoin-to-USD conversion without spreads
- MiCA regulations took effect at the end of 2024, requiring crypto firms to obtain new licenses with grace periods of up to 18 months
- Blockchain.com received its license from Malta’s Financial Services Authority, while Relai got approval from France’s Financial Markets Authority
- Stablecoin blockchain Plasma obtained a VASP license in Italy and is working on its MiCA application after launching its mainnet last month
Multiple major crypto firms have secured Markets in Crypto Assets licenses from European regulators this week. The approvals allow these companies to provide digital asset services across the European Economic Area.
Revolut announced it received a MiCA license from the Cyprus Securities and Exchange Commission on Thursday. The London-based fintech serves over 65 million customers worldwide.
The license enables Revolut to market its crypto services across all 30 EEA markets. The company launched its Revolut X crypto exchange in March for users in the United Kingdom and EEA.
Revolut also plans to launch 1:1 conversion between stablecoins and USD without spreads. This means customers can exchange these assets without paying the difference between buy and sell prices.
Costas Michael, CEO of Revolut Digital Assets Europe, said the license reflects regulatory confidence in the company’s compliance efforts. Revolut has offered crypto trading in some regions since 2017.
New European Crypto Regulations
MiCA regulations took effect at the end of 2024. The framework requires crypto-asset service providers to obtain specific licenses to operate in Europe.
Companies previously operating with virtual asset service provider registrations needed to upgrade to MiCA licenses. Regulators gave firms grace periods of up to 18 months to secure the new licenses.
Blockchain.com received its MiCA license from the Maltese Financial Services Authority. The company stated the regulatory clarity allows it to scale services across Europe.
These services include secure digital asset custody and institutional treasury tools. Blockchain.com plans to offer localized products for EU markets.
Bitcoin App and Blockchain Platform Licenses
Swiss-based Bitcoin app Relai obtained its license from the French Financial Markets Authority. Co-founder and CEO Julian Liniger said the company is proud to be among the first Bitcoin companies with MiCA approval.
Relai plans to expand to France first before moving into other European markets. The company joins other crypto firms like Kraken, Gemini, and Bitvavo that have secured MiCA licenses.
Stablecoin-focused Layer 1 blockchain Plasma announced progress in its European expansion plans. The firm obtained a VASP license in Italy and opened an office in Amsterdam.
Plasma launched its mainnet last month. The company said it is working on applying for its MiCA license.
Cyprus has become a popular jurisdiction for crypto firms seeking MiCA approval. Coinbase acquired a Cyprus-based unit from BUX in January, rebranding it as Coinbase Financial Services Europe before winning its Luxembourg MiCA license.
The company valued at over $45 billion earlier this year now has regulatory permission to expand its crypto operations across the European Economic Area. Revolut launched its mobile app for UK and EEA users to access its crypto exchange earlier this year.
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