Revolut gets Gibraltar DLT licence for international crypto expansion

The Gibraltar Financial Services Commission granted Revolut Global Digital Assets Limited a Distributed Ledger Technology provider licence on Oct. 19, authorizing the newly formed subsidiary to offer crypto services under Gibraltar's DLT framework.

Revolut said the entity will support its international digital asset expansion beyond the United Kingdom and the European Economic Area. Specific countries and launch dates have not been disclosed. A Revolut spokesperson told Cointelegraph that the licence will let the company offer crypto services in additional markets.

Emil Urmanshin, Revolut's general manager for crypto and new bets, said in the company announcement that Gibraltar's oversight made it a suitable base for global operations. Chief Minister Fabian Picardo said in the same release that the decision to expand from Gibraltar showed the jurisdiction's appeal for digital asset firms. Cointelegraph reported the licence as part of Revolut's multi-jurisdiction expansion strategy.

Gibraltar's government said separately that Revolut had fully resumed onboarding for Gibraltar residents to its electronic money and payments app, and that the DLT permission covers transmission and execution of virtual asset orders, custody and staking services under Part 7 of the Financial Services Act, according to a government press release.

Revolut already serves crypto users through Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd across the EEA under MiCA. The company reports more than 80 million retail customers worldwide, including about 16 million crypto users. The Gibraltar licence follows in-principle approval for crypto services in Dubai in July and preliminary conditional approval from US regulators in September to establish a national bank offering digital asset custody and related payment services.

Gibraltar's DLT framework has been in place since 2018 and requires licensees to meet ongoing conduct, cybersecurity and safeguarding standards. Revolut has not said how many roles will be based in Gibraltar or whether the subsidiary will act as the global crypto entity of record for all non-UK and non-EEA markets.

Gibraltar's DLT framework requires licensees to maintain strong governance, systems and controls around custody, order execution and safeguarding of client assets. The framework has been in place since 2018 and has hosted a small number of licensed firms rather than a large retail exchange cluster. Revolut's entry gives the jurisdiction a high-profile licensee at a moment when MiCA authorization in the EEA has become the default path for EU-facing crypto services.

Revolut's existing crypto stack runs through Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd in the EEA under MiCA. The Gibraltar entity sits outside both perimeters and is positioned for markets where MiCA does not apply. The company has been stacking licenses across jurisdictions: Dubai in July, preliminary US bank holding approval in September, and now Gibraltar. Each license covers a different product surface and customer base.

The government's separate note that Revolut resumed full onboarding for Gibraltar residents suggests earlier onboarding restrictions related to local conduct rules. The DLT permission under Part 7 of the Financial Services Act covers transmission and execution of virtual asset orders, custody and staking. Revolut has not said whether staking products will be the first use of the new licence or whether the subsidiary will employ local staff beyond a regulated office.

Revolut has more than 80 million retail customers globally and about 16 million crypto users. Even a small share of that base migrating to a Gibraltar-subsidiary product would make the licence commercially material. The company has not said whether Gibraltar will host a new product line or simply backstop existing crypto services for markets outside the UK and EEA.

Gibraltar's government has actively courted digital asset firms since the DLT framework launched, but the jurisdiction hosts a smaller licensee list than Luxembourg, Liechtenstein or Malta for fund products. A household-name fintech choosing Gibraltar for a crypto subsidiary is a branding win for the regulator as much as a strategic move for Revolut.