On October 19, the government of Gibraltar announced that Revolut Global Digital Assets Limited (RGDAL) has been granted a license under Part 7 of Gibraltar’s Financial Services Act. This approval, issued by the Gibraltar Financial Services Commission (GFSC), allows RGDAL to transmit and execute virtual asset orders, as well as provide custody and staking services for virtual assets.
The government also indicated that three additional Distributed Ledger Technology (DLT) permissions are anticipated to be issued this week, though it did not specify the names of the firms involved or confirm if Revolut is included in this count.
In addition, the government confirmed that Revolut has recommenced the onboarding process for Gibraltar residents into its e-money and payments application, without providing details as to why this process had been previously suspended.
Nigel Feetham, Minister for Trade and Industry, characterized this licensing as a significant milestone for Gibraltar's virtual asset industry. 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 resulted from effective collaboration between Revolut, the government, and the GFSC.
RGDAL adds to Revolut's portfolio of regulated crypto entities, which includes Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd, responsible for operations within the European Economic Area under the EU’s MiCA regulations. Although Revolut claims to have more than 80 million retail customers, it has not disclosed the specific markets RGDAL will be targeting or when those services will commence.
Emil Urmanshin, the general manager of crypto and new bets at Revolut, expressed that this authorization underscores the company's dedication to maintaining high standards of regulatory compliance. He identified Gibraltar as an ideal location to support the company's global operations, as reported by FX News Group.
Gibraltar’s chief minister, Fabian Picardo, also highlighted the territory's longstanding leadership in establishing a solid regulatory framework for DLT firms within Revolut’s announcement.
Since introducing its DLT framework in 2018, Gibraltar has expanded its regulatory reach to include adjacent sectors. In March, it became the first jurisdiction to license Predict Street, the operator behind ADI Predictstreet, as a prediction market operator. Additionally, it published its dedicated Prediction Market Regulations 2026 in July.
This regulatory expansion comes as Gibraltar's gaming sector grapples with recent UK tax increases. Since April 1, the remote gaming duty has soared from 21% to 40%, while the remote betting duty will gradually increase from 15% to 25% by April 2027. This challenging environment has prompted Lottoland and Bet365 to initiate consultations regarding staff reductions in Gibraltar, and Entain has also announced cuts affecting around 400 customer service roles, including positions on the Rock.
In June, Feetham pointed out that Gibraltar's new Gambling Act has drawn interest not only from prediction markets but also from digital asset and stablecoin enterprises. He emphasized that while diversification is important, it does not undermine the significance of established operators.
Looking ahead, the UK’s autumn budget on October 28 will serve as a critical milestone for the sector. Most lobbying efforts have concentrated on machine games duty, which mainly affects land-based venues. However, on October 14, the CEOs of six members of the Betting and Gaming Council requested Chancellor John Healey to reconsider the 2027 remote betting duty increase, which directly impacts sportsbooks licensed in Gibraltar.
