Revolut wins Gibraltar licence for global crypto unit

Revolut has won a Gibraltar licence for a new crypto subsidiary, giving it a base for international expansion. The company said in its licence announcement on 19 October that the Gibraltar Financial Services Commission authorised Revolut Global Digital Assets Limited as a Distributed Ledger Technology (DLT) provider.

What will the Gibraltar company do?

Revolut says the new entity will support its international crypto services and its expansion into key markets. The licence is for Revolut Global Digital Assets Limited, rather than the company’s existing UK or European crypto businesses.

Revolut did not name the markets the Gibraltar unit will serve or say when services will begin there. It said details about target regions and rollouts would come later. The licence announcement does not describe specific products or give a launch date.

How does this fit with Revolut’s current crypto services?

Revolut already offers crypto services in the UK through Revolut Ltd and across the European Economic Area through Revolut Digital Assets Europe Ltd, which operates under the EU’s Markets in Crypto-Assets rules. Those are separate entities from the new Gibraltar company, according to The Block’s report.

The Block reported that Revolut has more than 80 million retail customers worldwide and over 16 million crypto users, citing the company’s statement. Revolut’s announcement called the Gibraltar authorisation a step in its global crypto strategy, but did not say how many customers or which services might be covered by the new licence.

What does the licence change for customers?

For now, the announcement confirms a regulatory authorisation and an expansion plan. It does not confirm that customers in any new market can use crypto services through the Gibraltar entity. Revolut said it would publish information about supported regions and service rollouts in due course.

Sources and documents

• licence announcement — revolut.com
• The Block’s report — theblock.co