Revolut Lithuanian VASP to Cypriot CASP18 Nov 2025 06:11
On October 23, 2025, Revolut's EU crypto arm, Revolut Digital Assets Europe Ltd (formerly RT Digital Securities Cyprus Ltd), received full Crypto-Asset Service Provider (CASP) authorization from the Cyprus Securities and Exchange Commission (CySEC).
Interesting that Revolut pursued MiCA with Cyprus rather than Lithuania and clearly made the correct decision applying elsewhere. I think now Lithuania ghas the strictest rules for MiCA with 70 percent of apps rejected. Greece next with 50% it there just very pooir companies.
1. Preemptive MiCA Alignment and Faster Regulatory Pathway Cyprus was among the EU's earliest adopters of a national CASP regime (via the 2021 Prevention and Suppression of Money Laundering Activities Law), explicitly designed as a "preparatory step" for MiCA. This allowed Revolut to apply as one of the first firms in 2022, securing initial CASP registration with the Cyprus Securities and Exchange Commission (CySEC) under reference 001/22. By October 23, 2025, this transitioned seamlessly to full MiCA authorization, enabling EU-wide passporting without major disruptions.
In contrast, Lithuania's pre-MiCA VASP system (supervised by the Financial Crime Investigation Service) was more fragmented and less tailored to MiCA's service-provider focus. While the Bank of Lithuania (BoL) has approved some CASPs (e.g., Robinhood in June 2025), its process emphasizes strict prudential checks, which could have delayed Revolut's transition amid the 2025 application surge (~300 VASPs converting).
Revolut's own statement highlights this: Their Cyprus entity has been the "EEA gateway" since 2022, with "significant progress" toward MiCA, avoiding the temporary crypto access pauses seen in other jurisdictions.
What Revolut could not do in Lithuania with its massvie budget, little old GSFINTECH UAB is MiCA any day now ! I think we see a infamous GST pivot soon.
FCA sandbox anyone x;)