On October 19, the Gibraltar government announced that Revolut Global Digital Assets Limited (RGDAL) 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, provide custody for virtual assets, and offer staking services.
The government indicated that three DLT permissions would be issued within the week, although it did not specify the names of the firms involved or confirm if Revolut’s permission was part of that group. Additionally, Gibraltar confirmed that Revolut has resumed onboarding local residents to its e-money and payments application, although the reason for the previous pause in onboarding was not disclosed.
Nigel Feetham, Gibraltar's Minister for Trade and Industry, labeled this permission as a significant milestone for the territory’s virtual asset sector. He noted, "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 highlighted the collaborative efforts between Revolut, the government, and the GFSC in achieving this development.
RGDAL complements existing regulated crypto entities under Revolut, which include Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd, which operates under the EU’s MiCA framework. While Revolut claims to have over 80 million retail customers, it has not revealed which markets RGDAL will target or when its services will launch.
Emil Urmanshin, the general manager of crypto and new bets at Revolut, expressed that the authorization underscores the company's commitment to maintaining high regulatory compliance standards. He referred to Gibraltar as an ideal jurisdiction that aligns with its global operational framework. Gibraltar’s chief minister, Fabian Picardo, also noted the territory’s leadership in establishing a stringent regulatory environment for DLT firms.
Gibraltar's foray into Distributed Ledger Technology (DLT) dates back to 2018, when it first implemented its regulatory framework and has since expanded into related sectors. In March, it licensed Predict Street, the entity behind ADI Predictstreet, marking the territory’s entry into the prediction market industry. In July, specific regulations for prediction markets were released for 2026.
This strategic expansion occurs against the backdrop of UK tax rises affecting Gibraltar’s gaming industry. On April 1, the remote gaming duty surged from 21% to 40%, while the remote betting rate is set to increase from 15% to 25% by April 2027. Notably, companies like Lottoland and Bet365 have commenced consultations on job cuts impacting their Gibraltar-based staff this year. Moreover, Entain is part of a global reduction of around 400 customer care jobs, which includes positions in Gibraltar.
Feetham discussed in June how Gibraltar's forthcoming Gambling Act has started attracting attention from digital asset firms and prediction markets. He emphasized that while diversification efforts are underway, the significance of established gaming operators remains intact.
Looking ahead, the upcoming UK autumn budget on October 28 poses another challenge for the sector, with many lobbying efforts focused on machine games duty impacting land-based venues. Additionally, on October 14, the chief executives of six members of the Betting and Gaming Council urged Chancellor John Healey to reconsider the 2027 increase in remote betting duty, which directly affects sportsbooks licensed in Gibraltar.
