Today in crypto, Revolut has obtained a Markets in Crypto-Assets Regulation (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC), Bitcoin miner debt surged up 500% over the year as miners have raced to meet demand from AI and crypto mining, and the US Congress is moving to update Anti-Money Laundering rules by raising decades-old reporting thresholds.
Revolut secures MiCA license in Cyprus to launch Europe-wide crypto services
Revolut obtained a MiCA license from CySEC, enabling it to offer regulated crypto services across all 30 markets in the European Economic Area (EEA).
The move boosts Revolut’s expansion in the crypto market as the fintech prepares to launch its next-generation “Crypto 2.0” platform, the company said in a news release shared with Cointelegraph.
“This authorisation enables us to deliver groundbreaking crypto products with enhanced transparency and trust for our growing customer base, while further reiterating our commitment to crypto as an asset class,” said Costas Michael, CEO of Revolut Digital Assets Europe.
The MiCA license allows Revolut to market its full suite of crypto products under the regulatory framework. The company, which serves more than 65 million customers worldwide, including 40 million in Europe, will use the license to expand its crypto trading, staking and stablecoin offerings, per the announcement.
Revolut also unveiled a suite of new products, including its next-generation crypto platform, Crypto 2.0, which will include access to over 280 tokens, zero-fee staking with returns of up to 22% annual percentage yield and 1:1 stablecoin-to-US dollar conversion without spreads.
“When paired with crypto-enabled Revolut Visa/Mastercard cards, seamless on/off-ramping tools, and Revolut X’s low trading fees (0.00%–0.09%), the platform delivers one of the broadest and most cost-effective crypto experiences in Europe,” the company wrote.
Last year, Revolut introduced Revolut X, a dedicated desktop crypto exchange targeting experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off-ramp capabilities.
Bitcoin miner debt surges 500% as miners beef up for the hashrate fight
Debt among Bitcoin miners has increased from $2.1 billion to $12.7 billion in just 12 months as they race to meet demands for artificial intelligence and Bitcoin production, according to investment giant VanEck.
Without continued investment in the latest machines, a miner’s share of the global hashrate deteriorates, resulting in a reduced share of the daily awarded Bitcoin, VanEck analysts Nathan Frankovitz and Matthew Sigel said on Wednesday in their October Bitcoin ChainCheck report.
“We refer to this dynamic as the melting ice cube problem. Historically, miners relied on equity markets, not debt, to fund these steep Capex costs,” they said.
A growing number of Bitcoin miners have been diversifying income streams by shifting their energy capacity toward AI and HPC hosting services after the April 2024 halving cut mining rewards to 3.125 Bitcoin, hurting overall profitability.
At the same time, several miners who the pair spoke to for the report revealed they are exploring methods to monetize excess electrical capacity when demand for AI services is low.
Congress moves to revamp Bank Secrecy Act’s reporting thresholds after 50 years
A group of US senators led by Senate Banking Committee Chair Tim Scott (R-S.C.) has introduced legislation to modernize the Bank Secrecy Act, the foundation of the country’s Anti-Money Laundering (AML) framework.
The Bank Secrecy Act, passed in 1970, obliges banks, credit unions, and other financial institutions to help federal authorities detect and prevent financial crimes, including money laundering, terrorist financing, and related illicit activity.
The proposed legislation, known as the STREAMLINE Act, would raise the Bank Secrecy Act’s reporting thresholds for the first time since its creation more than 50 years ago.
The bill increases the Currency Transaction Report (CTR) threshold to $30,000 from $10,000 and the Suspicious Activity Report (SAR) thresholds from $2,000 to $3,000 and $5,000 to $10,000, while requiring the Treasury Department to adjust these amounts every five years to account for inflation.
Under current law, financial institutions must file CTRs for cash transactions exceeding $10,000 and SARs for transactions involving $2,000 to $5,000, depending on the level of suspicion or evidence of criminal activity.
Senator Pete Ricketts, who supports the bill, said, “After more than 50 years of inflation, the Bank Secrecy Act’s reporting thresholds are badly outdated. They must be modernized.”
He added that the new bill “cuts red tape for banks and credit unions,” ensuring “law enforcement still has the tools they need to do their job.”
US-based crypto exchanges like Coinbase and Kraken are also required to comply with the Bank Secrecy Act.
