On October 19, the Gibraltar government announced that Revolut Global Digital Assets Limited (RGDAL) has received permission under Part 7 of Gibraltar’s Financial Services Act. The Gibraltar Financial Services Commission (GFSC) has issued this authorization, enabling the company to transmit and execute virtual asset orders, as well as engage in virtual asset custody and staking.
In addition to Revolut’s approval, the government indicated that three Distributed Ledger Technology (DLT) permissions are anticipated to be granted this week, although it did not disclose the names of the companies nor confirm whether Revolut is included among them.
The government also announced that Revolut has restarted the onboarding process for Gibraltar residents seeking to use its e-money and payments application, but did not clarify the reasons for the earlier pause in this service.
Nigel Feetham, Minister for Trade and Industry, characterized the permission as a “significant milestone for Gibraltar’s virtual asset sector.” He expressed that the persistent interest from major international firms, along with the issuance of more DLT permissions, underscores Gibraltar's appeal as a location for businesses in search of regulatory clarity and a conducive environment for innovation and growth. Feetham highlighted the collaboration between Revolut, the government, and the GFSC as pivotal in achieving these developments.
As it stands, RGDAL joins Revolut Ltd., based in the UK, and Revolut Digital Assets Europe Ltd., which operates under the European Economic Area’s MiCA regime, representing the company’s regulated crypto entities. Revolut, which claims to have over 80 million retail customers globally, has yet to announce which markets RGDAL will serve or the timeline for its operations.
Emil Urmanshin, Revolut’s general manager of crypto and new bets, stated that the recent authorization exemplifies the company’s dedication to maintaining the highest standards of regulatory compliance. He referred to Gibraltar as “an ideal jurisdiction to support our global operational framework.”
Fabian Picardo, Gibraltar’s chief minister, noted in Revolut’s announcement that the territory has consistently provided a stringent regulatory environment for DLT firms.
Gibraltar has been broadening its scope since implementing its DLT framework in 2018, having recently ventured into related sectors. In March, Predict Street became the first prediction market operator to be licensed in Gibraltar, followed by the introduction of dedicated Prediction Market Regulations 2026 in July.
This expansion occurs amidst challenges in the territory’s gaming sector, with the recent increase in UK taxes impacting operations. Since April 1, the remote gaming duty has jumped from 21% to 40%, and the remote betting general betting duty is set to rise from 15% to 25% by April 2027. Major firms such as Lottoland and Bet365 have initiated job-cut consultations affecting their Gibraltar-based staff this year, with Entain also announcing a global reduction of around 400 customer service positions, impacting roles on the Rock.
In June, Feetham noted that Gibraltar’s revamped Gambling Act has piqued interest particularly from prediction market operators and digital asset firms. He reinforced that while seeking diversification, the significance of established operators remains intact.
The upcoming UK autumn budget on October 28 poses another challenge for the sector. While much lobbying has targeted machine games duty affecting land-based venues, on October 14, executives from six members of the Betting and Gaming Council urged Chancellor John Healey to reconsider the proposed remote betting duty increase set for 2027, which specifically affects Gibraltar-licensed sportsbooks.
