Revolut Secures Gibraltar Crypto License and Resumes Local Sign-ups
The fintech giant expands its global crypto operations through a new Gibraltar-based subsidiary.
1Regulatory Approval in Gibraltar
The Gibraltar Financial Services Commission has officially authorized Revolut Global Digital Assets Limited to provide crypto services. This new subsidiary is now permitted to execute virtual asset orders, hold assets in custody, and offer staking services. The authorization marks a significant milestone for the firm as it continues its international expansion strategy.
2Resuming Local User Access
Revolut has fully resumed the sign-up process for Gibraltar residents on its payments application. This development follows direct discussions between the company, Trade and Industry Minister Nigel Feetham, and local financial regulators. While the specific reasons for the previous suspension of sign-ups were not disclosed, the service is now fully operational.
3Strategic Expansion and Leadership
Revolut appointed Michael Schroeder as global head of crypto expansion in May to oversee licensing and market launches. Schroeder, formerly the head of risk for Europe at Coinbase, is tasked with navigating complex regulatory environments. The Gibraltar unit will specifically support the company's crypto business in key markets that remain currently unnamed.
4Broader European Crypto Footprint
The company already operates crypto services through Revolut Ltd in the UK and Revolut Digital Assets Europe. The latter operates across the 30-country European Economic Area under a MiCA license issued by Cyprus, reaching approximately 450 million people. This new Gibraltar license adds another layer to their existing, complex multi-jurisdictional regulatory framework.
5Gibraltar's DLT Licensing Framework
Gibraltar expects to issue three additional distributed ledger technology permissions this week, citing ongoing interest from international firms. Minister Nigel Feetham has actively promoted these licensing regimes to diversify the economy, especially following increased UK gambling taxes. The territory remains a hub for crypto exchanges, having previously licensed entities like Bullish and CEX.IO.
6Compliance and Operational Standards
Emil Urmanshin, general manager of crypto and new bets at Revolut, emphasized that the approval reflects the company's high compliance standards. The firm views Gibraltar as an ideal jurisdiction to support its global operational framework. This focus on regulatory alignment is crucial as the company prepares for further launches in regions like the UAE.
7Regulatory Oversight and Enforcement
The Gibraltar Financial Services Commission maintains strict oversight, as evidenced by the cancellation of Quickbit's registration in January 2024 following inspection breaches. Revolut’s ability to secure this license highlights its commitment to meeting these rigorous standards. The regulator continues to balance attracting international firms with maintaining robust customer due diligence and operational integrity.
8Future Market Outlook
Revolut is currently awaiting a final license from Dubai’s Virtual Assets Regulatory Authority, having received in-principle approval in July. The company recently hired Nilesh Khatwani from Crypto.com to lead institutional crypto sales. These strategic moves indicate a clear focus on scaling institutional and retail crypto offerings across diverse global financial markets.