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

Revolut has secured a Gibraltar licence for a new crypto subsidiary, the territory's government said on Monday, adding that the fintech has fully reopened sign-ups for its payments app among Gibraltar residents.

The authorised entity, Revolut Global Digital Assets Limited (RGDAL), can now execute orders in virtual assets, hold those assets in custody and offer staking. According to the government statement, the resumption of local onboarding followed discussions between Revolut, Trade and Industry Minister Nigel Feetham and the Gibraltar Financial Services Commission (GFSC). No reason was given for the earlier suspension of sign-ups.

Expansion markets still unnamed

Revolut already provides crypto services in the UK through Revolut Ltd and across the 30-country European Economic Area via Revolut Digital Assets Europe, which operates under a MiCA licence issued in Cyprus and covers a market of roughly 450 million people. The company said the Gibraltar unit will support its crypto operations in what it describes as key expansion markets, but it has not yet disclosed which regions or services RGDAL will cover.

One pending market is the UAE, where Dubai's Virtual Assets Regulatory Authority granted Revolut in-principle approval in July, short of a full licence. Emil Urmanshin, Revolut's general manager for crypto and new bets, linked the Gibraltar authorisation to the company's compliance standards and described the territory as "an ideal jurisdiction to support our global operational framework."

The group has been building out its crypto leadership, naming former Coinbase Europe head of risk Michael Schroeder as global head of crypto expansion in May, a remit covering licensing and market launches. In September it hired Nilesh Khatwani from Crypto.com to lead institutional crypto sales ahead of its Dubai launch.

Gibraltar expects to issue three distributed ledger technology permissions this week, citing interest from major international firms. Feetham called the Revolut approval "an important development for Gibraltar's virtual asset sector," while Chief Minister Fabian Picardo, quoted in Revolut's own statement, said the company's decision to expand from the territory reflected its reputation.

Gibraltar's DLT regime has attracted crypto exchanges for years, with Bullish obtaining a licence in November 2021 and CEX.IO two years earlier, though the GFSC has also acted against firms — it cancelled Quickbit's Gibraltar registration in January 2024 after an inspection found customer due diligence breaches.