Platforms · Software · Providers · Markets
On Monday, the Gibraltar Financial Services Commission (GFSC) authorised Revolut Global Digital Assets Limited (RGDAL) to execute virtual asset orders, hold assets in custody and offer staking, the government said. Revolut has also fully restored sign-ups to its payments app for Gibraltar residents.
What the Gibraltar permission enables
The approval followed discussions involving Revolut, Trade and Industry Minister Nigel Feetham and the GFSC. Officials gave no reason for the previous interruption to registrations. Revolut said it would provide details later on which regions and services RGDAL will cover.
Revolut retains separate regional routes
Revolut already provides crypto through Revolut Ltd in the UK and Revolut Digital Assets Europe across the 30-country European Economic Area. The latter operates under a MiCA licence from Cyprus, a framework that reaches about 450 million people. The company said RGDAL would help its crypto operation in markets it considers important for expansion.
In May, Revolut appointed Michael Schroeder, previously Coinbase's head of risk for Europe, as global head of crypto expansion. Schroeder said the remit includes securing licences and launching in markets.
Gibraltar seeks more digital asset firms
The government expects three distributed ledger technology (DLT) permissions to be issued this week, citing ongoing interest from large international companies. Pressure on Gibraltar's remote gaming industry from higher UK gambling taxes has led Nigel Feetham to increase his promotion of the territory's licensing frameworks. The territory authorised its first prediction market operator in March. Feetham described Revolut's approval as significant for Gibraltar's virtual asset sector, while Chief Minister Fabian Picardo said the company's expansion choice reflected Gibraltar's reputation.
Gibraltar has licensed crypto businesses before: Bullish, the exchange owned by Block.one, received a DLT licence in November 2021, two years after CEX.IO obtained one. The GFSC has also revoked permissions. In January 2024, it cancelled Quickbit's Gibraltar unit registration after an inspection identified customer due diligence breaches, as Finance Magnates reported.
A Dubai approval remains outstanding
The UAE remains a market awaiting a final decision: Dubai's Virtual Assets Regulatory Authority (VARA) gave Revolut in-principle approval in July. In September, the company hired Nilesh Khatwani from Crypto.com to lead institutional crypto sales as it prepared its Dubai launch. Emil Urmanshin, Revolut's general manager of crypto and new bets, linked the Gibraltar approval to the company's compliance standards and described the territory as suitable for its global operating framework.
The integration question
For infrastructure teams, the announcement defines permitted activities but leaves the operating footprint open. Which jurisdictions and services will RGDAL support, and how will its execution, custody and staking connect to existing Revolut systems? The company has not yet supplied those details.
Before planning connectivity or controls, operators will need to establish what interfaces are available and where reconciliation, custody oversight and compliance reporting sit. The announcement does not specify those arrangements, so the immediate task is to seek clarity on service scope and operational responsibilities before treating the Gibraltar unit as a routable venue.
