Revolut has obtained a crypto license in Cyprus. It is valid throughout the EU

British fintech company Revolut, founded by Russian-born Nikolay Storonsky and Ukrainian Vlad Yatsenko, has received a crypto license from the financial regulator of Cyprus, Reuters reports. This will allow the financial service to offer cryptocurrency-related services across the European Union.

According to the company, at least 14 million of Revolut's more than 65 million customers - that is 22% - are users of crypto services. This category includes customers who have completed identity verification and are fully connected to cryptocurrency-related services, Reuters noted.

Cryptocurrency has been one of the key drivers of Revolut's rapid growth, which last month conducted a secondary share sale at a valuation of $75 billion, Reuters highlights. Revolut launched cryptocurrency trading back in 2017, and in 2024 introduced a separate Revolut X platform for this purpose. Now, after new EU regulations came into force, working with digital assets requires a mandatory license. According to Revolut's annual report, the Wealth division's revenue nearly tripled last year "due to the growth in crypto trading activity seen in the industry as a whole and the launch of the Revolut X crypto exchange."

This year has been a successful one for cryptocurrencies and digital asset companies, thanks to a softer regulatory environment under the Donald Trump administration. The price of the world's largest cryptocurrency by capitalization, bitcoin, has risen nearly 17% since the beginning of the year. Amid the rapid rally, easing regulations and increasing demand, bitcoin and the rest of the cryptocurrencies are gaining more institutional acceptance. For example, S&P will launch a new crypto index to appeal to both private and more conservative institutional investors. Visa announced in late September that it had begun testing a new way to fund international payments for businesses using stablecoins.

This article was AI-translated and verified by a human editor