Key Takeaways
- • Revolut received formal authorization from the Gibraltar Financial Services Commission (GFSC) as a Distributed Ledger Technology (DLT) provider, issued to its newly formed subsidiary Revolut Global Digital Assets Limited (RGDAL).
- • The permission covers regulated virtual asset activities including transmitting and executing orders, providing custody services, and offering staking services.
- • RGDAL is positioned to underpin Revolut's crypto services in key international expansion territories beyond the UK and EEA, where crypto is already offered via Revolut Ltd and Revolut Digital Assets Europe Ltd under MiCA.
- • Revolut cites more than 80 million retail users worldwide, including more than 16 million who use cryptocurrency services.
- • Gibraltar also confirmed Revolut has fully resumed onboarding local residents to its e-money and payments application.
Summary
Digital bank Revolut has received formal authorization as a Distributed Ledger Technology (DLT) provider in Gibraltar, a step in its strategy to expand cryptocurrency offerings beyond its established UK and European markets. The Gibraltar Financial Services Commission (GFSC) issued the permission to Revolut Global Digital Assets Limited (RGDAL), the company's newly formed subsidiary. The authorization covers regulated virtual asset activities, including transmitting and executing orders, providing custody services, and offering staking services.
The license positions RGDAL to underpin Revolut's crypto services in key international expansion territories. It builds on the firm's existing structure, under which crypto activities are already delivered in the United Kingdom through Revolut Ltd and across the European Economic Area through Revolut Digital Assets Europe Ltd under the Markets in Crypto-Assets (MiCA) regime. Revolut cites a customer base of more than 80 million retail users worldwide, including more than 16 million who use cryptocurrency services, and views the Gibraltar license as a key part of its broader global crypto plans.
Emil Urmanshin, General Manager for Crypto & New Bets at Revolut, said the authorization demonstrates the company's commitment to the highest levels of regulatory compliance. He noted that Gibraltar's established digital asset oversight provides a strong foundation for the group's worldwide operational structure as it develops crypto products for customers outside its core markets.
Gibraltar's Chief Minister, the Honorable Fabian Picardo KC MP, welcomed the move, saying the territory has long set a high bar for rigorous DLT regulation. Trade and Industry Minister Nigel Feetham KC MP described the DLT permission and the resumption of onboarding as the result of constructive engagement among the company, the government, and the GFSC. Gibraltar authorities confirmed that Revolut has fully resumed onboarding local residents to its electronic money and payments application, allowing new customers in the territory to open accounts again. Feetham said the permission underscores the territory's appeal to firms seeking regulatory clarity for growth.
The government expects to issue three DLT permissions this week, reflecting sustained interest from international businesses. Specific details on the markets and service rollouts RGDAL will support have not yet been disclosed and are expected in due course.
The license positions RGDAL to underpin Revolut's crypto services in key international expansion territories. It builds on the firm's existing structure, under which crypto activities are already delivered in the United Kingdom through Revolut Ltd and across the European Economic Area through Revolut Digital Assets Europe Ltd under the Markets in Crypto-Assets (MiCA) regime. Revolut cites a customer base of more than 80 million retail users worldwide, including more than 16 million who use cryptocurrency services, and views the Gibraltar license as a key part of its broader global crypto plans.
Emil Urmanshin, General Manager for Crypto & New Bets at Revolut, said the authorization demonstrates the company's commitment to the highest levels of regulatory compliance. He noted that Gibraltar's established digital asset oversight provides a strong foundation for the group's worldwide operational structure as it develops crypto products for customers outside its core markets.
Gibraltar's Chief Minister, the Honorable Fabian Picardo KC MP, welcomed the move, saying the territory has long set a high bar for rigorous DLT regulation. Trade and Industry Minister Nigel Feetham KC MP described the DLT permission and the resumption of onboarding as the result of constructive engagement among the company, the government, and the GFSC. Gibraltar authorities confirmed that Revolut has fully resumed onboarding local residents to its electronic money and payments application, allowing new customers in the territory to open accounts again. Feetham said the permission underscores the territory's appeal to firms seeking regulatory clarity for growth.
The government expects to issue three DLT permissions this week, reflecting sustained interest from international businesses. Specific details on the markets and service rollouts RGDAL will support have not yet been disclosed and are expected in due course.
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