On October 19, the Gibraltar government announced that Revolut Global Digital Assets Limited (RGDAL) has received authorization under Part 7 of Gibraltar’s Financial Services Act. This permission, granted by the Gibraltar Financial Services Commission (GFSC), allows the company to transmit and execute virtual asset orders, as well as to manage virtual asset custody and staking operations.
Additionally, the government noted that it plans to issue three DLT permissions within the current week. However, officials did not disclose the names of the companies involved, leaving open the question of whether Revolut's newly acquired permission is among them.
The government also confirmed that Revolut has resumed onboarding services for Gibraltar residents to its e-money and payments application, although no specific reason was given for the previous pause in these services.
Minister for Trade and Industry Nigel Feetham characterized the 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 mentioned that these developments were achieved through productive collaboration between Revolut, the government, and the GFSC.
As a result of this expansion, RGDAL joins Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd, which operates under the EU’s MiCA framework, as regulated entities handling cryptocurrency. Revolut claims to have over 80 million retail customers but has not yet specified which markets RGDAL will target or when it will begin operations.
Emil Urmanshin, Revolut’s general manager for crypto and new bets, expressed that the authorization underscores the company's dedication to adhering to high regulatory standards. He referred to Gibraltar as the ideal location for supporting its global operational framework, as reported by FX News Group.
Gibraltar's Chief Minister, Fabian Picardo, emphasized the territory's historical role in creating a stringent regulatory environment for DLT companies in the announcement from Revolut.
Since the formation of its DLT framework in 2018, Gibraltar has begun to explore adjacent sectors. Earlier this year, in March, it licensed Predict Street, the operator behind ADI Predictstreet, marking the territory's first licensing of a prediction market operator. Furthermore, in July, Gibraltar released dedicated Prediction Market Regulations for 2026.
This strategy comes as Gibraltar's gaming industry adjusts to recent tax increases implemented by the UK. The remote gaming duty has surged from 21% to 40%, effective April 1, while the general betting duty for remote betting will increase from 15% to 25% in April 2027.
Notably, both Lottoland and Bet365 have initiated consultations on job cuts affecting their Gibraltar workforce this year, and Entain's global reduction of around 400 customer support jobs also encompasses roles in the territory.
In June, Feetham remarked that Gibraltar’s new Gambling Act piqued interest from prediction market entities and digital asset or stablecoin companies, stressing that while diversification is vital, it does not undermine the value of established operators.
Looking ahead, the UK autumn budget set for October 28 poses a further challenge for the gaming sector. Much of the current lobbying focuses on machine games duty impacting land-based venues. However, on October 14, the CEOs of six Betting and Gaming Council members urged Chancellor John Healey to postpone the anticipated 2027 remote betting duty increase, which would directly affect sportsbooks licensed in Gibraltar.
