✓ Official source
Revolut wins a Gibraltar crypto licence for a new entity behind its international expansion
Summary
Revolut Global Digital Assets Limited, a newly formed Revolut entity, has been granted a distributed ledger technology (DLT) provider licence by the Gibraltar Financial Services Commission, Revolut said Monday; the Government of Gibraltar and The Block also reported the approval.
Gibraltar’s government said the permission under Part 7 of its Financial Services Act covers transmitting and executing virtual asset orders, virtual asset custody and virtual asset staking.
Revolut said the entity will support its international crypto offerings in key expansion markets, alongside its existing services through Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd under the EU’s MiCA rules, but The Block said it did not name the markets or a timeline.
The government also said Revolut has fully resumed onboarding Gibraltar residents to its e-money and payments app.
Updates
- Update, : Oct. 19: Cointelegraph confirmed the licence; a Revolut spokesperson told it countries and launch timelines have not been announced.
Key facts
- Revolut said it has more than 80 million retail customers worldwide and over 16 million crypto users.
- “Securing our DLT authorization from the GFSC reflects our commitment to operating at the highest standards of regulatory compliance,” Emil Urmashin, Revolut’s general manager for crypto and new bets, said in a statement, The Block reported.
- Gibraltar’s government said three DLT permissions are expected to be issued during the week.
- The Block said Revolut received conditional approval from the U.S. Office of the Comptroller of the Currency last month as it pursues a U.S. banking charter.
- Cointelegraph said the licence follows Revolut’s in-principle approval to offer crypto services in Dubai in July.