Revolut Wins Gibraltar Crypto License, Reopens Sign-Ups for Local Residents

Gibraltar's financial regulator has authorized a new Revolut subsidiary to provide crypto services, the government said today (Monday). The unit can now execute virtual asset orders, hold the assets in custody and offer staking.

The government statement named the subsidiary as Revolut Global Digital Assets Limited (RGDAL). It also said Revolut has fully resumed signing up Gibraltar residents to its payments app.

The reopening followed talks between the company, Trade and Industry Minister Nigel Feetham and the Gibraltar Financial Services Commission (GFSC). The statement did not say why sign-ups had stopped.

London's trading industry is coming home!

Revolut already offers crypto through Revolut Ltd in the UK and through Revolut Digital Assets Europe across the 30-country European Economic Area, under a MiCA license from Cyprus that reaches about 450 million people.

The company said the Gibraltar unit will support its crypto business in what it calls key expansion markets.

In May, Revolut named Michael Schroeder, formerly Coinbase's head of risk for Europe, as global head of crypto expansion, a role he said includes licensing and market launches.

Gibraltar Expects Three DLT Permissions This Week

The government expects to issue three distributed ledger technology (DLT) permissions this week. It cited continued interest from major international firms.

The minister has promoted the territory's licensing regimes more actively since higher UK gambling taxes put pressure on its remote gaming industry. In March, Gibraltar licensed its first prediction market operator.

Feetham called the Revolut permission "an important development for Gibraltar's virtual asset sector."

Chief Minister Fabian Picardo, quoted in Revolut's own statement, said the company's choice to expand its crypto business from Gibraltar reflected the territory's reputation.

Gibraltar's DLT framework has drawn crypto exchanges for years. Block.one's exchange Bullish received a Gibraltar DLT license in November 2021, two years after CEX.IO obtained one.

The GFSC has also used its powers against crypto firms. In January 2024, it canceled the registration of Quickbit's Gibraltar unit after an inspection found breaches in customer due diligence.

Revolut Has Not Named the Markets

Revolut said details of the regions and services covered by RGDAL will come later. One market still pending is the UAE, where Dubai's Virtual Assets Regulatory Authority (VARA) gave Revolut in-principle approval in July, ahead of a final license.

Emil Urmanshin, general manager of crypto and new bets at Revolut, tied the approval to the company's compliance standards in a company statement.

Gibraltar is "an ideal jurisdiction to support our global operational framework," Urmanshin said.

In September, Revolut hired Nilesh Khatwani from Crypto.com to run institutional crypto sales as the company prepared its Dubai launch.