On October 19, the government of Gibraltar announced that it has granted permission to Revolut Global Digital Assets Limited (RGDAL) under Part 7 of Gibraltar’s Financial Services Act. This approval was issued by the Gibraltar Financial Services Commission (GFSC) and allows for the transmission and execution of virtual asset orders, as well as virtual asset custody and staking services.
Additionally, the government confirmed that more than one DLT permission is anticipated to be issued in the upcoming week, although it has not specified the firms involved or indicated whether Revolut’s newly granted permission falls among them.
Revolut has also resumed onboarding Gibraltar residents to its e-money and payments application, which had previously been paused, though the reasons for this pause were not disclosed.
Minister for Trade and Industry Nigel Feetham characterized the recent regulatory permission as a significant advancement for Gibraltar’s virtual asset sector. He stated, "The continued interest of major international firms, alongside the issuance of further DLT permissions, demonstrates the attractiveness of Gibraltar as a jurisdiction for businesses seeking regulatory certainty and a clear framework within which to innovate and grow." Feetham also noted that these advancements are due to positive collaboration among Revolut, the government, and the GFSC.
With the addition of RGDAL, Revolut now has three regulated crypto entities, which include Revolut Ltd based in the UK and Revolut Digital Assets Europe Ltd, catering to the European Economic Area under the EU’s MiCA regime. Although Revolut claims to serve over 80 million retail customers, it has not disclosed which markets RGDAL will target or its timelines.
Emil Urmanshin, Revolut’s general manager of crypto and new bets, stated that the authorization underscores the company’s commitment to maintaining high standards of regulatory compliance. He described Gibraltar as an ideal jurisdiction to support its global operations, as reported by FX News Group.
Gibraltar’s chief minister, Fabian Picardo, reiterated the territory’s leadership in developing a rigorous regulatory framework for distributed ledger technology (DLT) firms in the announcement of Revolut's permission.
Since introducing its DLT framework in 2018, Gibraltar has been diversifying its regulatory scope. In March, it licensed Predict Street, the first operator for prediction markets, and in July, it unveiled dedicated regulations for prediction markets set to take effect in 2026.
This strategic shift comes amidst challenges in Gibraltar’s gaming sector, particularly following recent tax increases from the UK. The remote gaming duty rose significantly from 21% to 40% on April 1, and by April 2027, the remote betting duty is set to grow from 15% to 25%. Consequently, companies like Lottoland and Bet365 have initiated consultations regarding job cuts affecting their Gibraltar-based employees, alongside Entain, which has around 400 job cuts that will impact the territory.
In statements made in June, Minister Feetham emphasized that interest from prediction markets, as well as digital asset and stablecoin firms, is emerging alongside the development of Gibraltar's new Gambling Act. He reaffirmed that while diversification is underway, the established operators' importance remains unchanged.
The upcoming UK autumn budget on October 28 is anticipated to challenge the sector once again. Recent lobbying efforts have primarily focused on machine games duty affecting land-based venues, but also, on October 14, chief executives from six Betting and Gaming Council members urged Chancellor John Healey to reconsider the planned increase in remote betting duty slated for 2027, as it directly impacts sportsbooks licensed in Gibraltar.
