Revolut Secures MiCA License in Cyprus—Is a Stablecoin Next?

Revolut, one of the most popular digital banks in Europe, has received a Market for Crypto Assets (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC).

The license could enable Revolut to provide and advertise crypto asset services in all 30 markets in the European Economic Area (EEA) in accordance with the MiCA legislation, through a provision known as a “passport”, although it will still have to undergo additional control by individual EU countries.

In addition, Revolut has announced that it is ready to launch a “1:1 conversion between stablecoins and USD,” with no spreads (the difference between the buying and selling price for currencies.)

Costas Michael, CEO of Revolut Digital Assets Europe, said that obtaining the license “is a significant step on our journey, reflecting CySEC’s confidence in our commitment to regulatory compliance in crypto.”

He added: “It’s no secret that we have ambitious plans for the crypto sector in the future, and our MiCA license is fundamental to all of that.”

Neobank has been providing crypto trading since 2017 in some regions, but the crypto services it offers to users have been steadily expanding since then. In November 2024, he launched Revolut X, an independent crypto exchange, in all 30 countries of the European Economic Areagiving users the ability to trade 200 cryptocurrencies through its desktop-based platform.

It’s not just Revolut that uses Cyprus as a gateway to MiCA approval. Back in January, Coinbase acquired unit of BUX based in Cyprus, rebranding it as Coinbase Financial Services Europe before the takeover own European MiCA license in Luxembourg.

Stablecoin ahead?

The news is coming amid rumours that the bank can start its own stablecoin— speculations that have been circulating for more than a year. In June 2025, two sources familiar with the matter said Decipher that the bank has continued to create its own stablecoin, although Revolut has not officially commented on the reports.

On Myriadthe prediction market he launched Decipherparent company Dastan, users are skeptical that the Revolut stablecoin launch is imminent, setting only 25% chance about a neobank launching a stablecoin before the end of the year.

Dear Sali, Lawyer based in the Netherlands specialized in EU crypto regulation, told Decipher that with the approval of MiCA, “the introduction of the Revolut stablecoin by 2026 seems a likely development, especially once the issuer regime under MiCA is fully operational.”

“In practical terms, Revolut is now in a position to legally issue its own stablecoin within the EU,” Sali added, noting that the company will need to “activate its Lithuanian Electronic Money (EMI) license and ensure compliance with the supervision of the European Banking Authority (EBA) if the token reaches a level of significance.”

Sali noted that the MiCA license “does not in itself grant permission to issue stablecoins.”

“Under MiCA Title IV, the issuance of e-money tokens (EMTs) is limited to credit institutions and electronic money institutions (EMIs),” the lawyer said. “In contrast, asset-referenced tokens (ARTs) require specific issuer authorization along with an approved white paper.”

He explained that Revolut’s Cyprus entity acts as a CASP, functioning as a service provider rather than an issuer, and noted that the company holds an EMI license in Lithuania, “ensuring the legal framework for issuing stablecoins.”

If Revolut decides to use its Lithuanian EMI license to launch a stablecoin, “it is crucial to create a white paper that adheres to MiCA standards while guaranteeing full compliance with reserves, governance and redemption protocols,” Sali said.

In addition, he believes that many other companies could soon be looking at a stablecoin launch in the EU, citing conversations he had with clients seeking legal advice. However, he believes many smaller and medium-sized challenger banks could be put off by the intense potential costs of complying and reporting under EU anti-money laundering rules, saying that as a bank it could require “hundreds” of payroll compliance officers.

Sali said that “a significant number of participants have adopted a ‘wait and see’ approach” to stablecoin issuance and that “Revolut has now provided a clear framework for action,”

Decipher has contacted Revolut for comment.