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. This permission, issued by the Gibraltar Financial Services Commission (GFSC), includes the capabilities for transmitting and executing virtual asset orders, virtual asset custody, and staking.
Additionally, the government indicated that three Distributed Ledger Technology (DLT) permissions are expected to be granted this week, but it has not disclosed the identities of the firms nor confirmed if Revolut's permission is included among them.
The Gibraltar government also clarified that Revolut has completely resumed the onboarding process for Gibraltar residents to its e-money and payments app, although it did not provide a reason for the previous pause in onboarding.
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 further remarked that the recent developments stemmed from effective collaboration between Revolut, the government, and the GFSC.
RGDAL now joins the ranks of Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd, which operates under the EU’s MiCA regime in the European Economic Area, making up Revolut's regulated crypto entities. While the company claims over 80 million retail customers, it has yet to announce the particular markets RGDAL will target or a timeline for its operations.
Emil Urmanshin, Revolut’s general manager for crypto and new bets, noted the authorization represents the company's commitment to maintaining high standards of regulatory compliance. He described Gibraltar as a fitting jurisdiction to bolster their global operational framework, as reported by FX News Group.
Gibraltar’s Chief Minister, Fabian Picardo, highlighted the territory's long-standing commitment to establishing a robust regulatory environment for DLT firms.
Since introducing its DLT framework in 2018, Gibraltar has expanded its focus to include additional sectors. In March, it recognized Predict Street, the company behind ADI Predictstreet, as its first licensed prediction market operator. Furthermore, in July, it published specific Prediction Market Regulations slated for 2026.
This regulatory expansion comes during a challenging period for Gibraltar’s gaming sector, which is grappling with UK tax increases. The remote gaming duty surged from 21% to 40% as of April 1, while the remote betting duty is set to rise from 15% to 25% in April 2027. As a result, companies like Lottoland and Bet365 have initiated job-cut consultations affecting their Gibraltar-based employees, while Entain has announced a global reduction of around 400 customer care roles, including positions in Gibraltar.
In June, Feetham expressed that Gibraltar’s new Gambling Act has piqued interest from prediction markets and businesses involved with digital assets and stablecoins, emphasizing that diversification should not overshadow the significance of established operators.
Looking ahead, the UK autumn budget set for October 28 poses the next challenge for the sector. Most advocacy efforts have focused on machine games duty, impacting land-based venues, but on October 14, CEOs from six Betting and Gaming Council members urged Chancellor John Healey to postpone the 2027 increase in remote betting duty, which would directly affect sportsbooks licensed in Gibraltar.
