Revolut secures Gibraltar crypto license to support global expansion

Revolut, a UK-based financial technology company and neobank, has received a cryptocurrency services license in Gibraltar, which it plans to use to expand its digital asset offerings into international markets beyond the UK and European Economic Area.

The Gibraltar Financial Services Commission (GFSC) granted a Distributed Ledger Technology (DLT) Provider license to Revolut Global Digital Assets Limited, a newly established subsidiary, according to a Monday announcement.

A Revolut spokesperson told Cointelegraph that the license will allow the company to offer crypto services in additional international markets, although specific countries and launch timelines have not been announced.

Revolut currently provides cryptocurrency services through Revolut Ltd in the UK and Revolut Digital Assets Europe Ltd across the European Economic Area, where its operations fall under the European Union’s Markets in Crypto-Assets Regulation (MiCA).

The fintech reports more than 80 million retail customers worldwide, including about 16 million cryptocurrency users, according to its announcement.

The Gibraltar license follows Revolut’s in-principle approval to offer crypto services in Dubai in July and preliminary conditional approval from US regulators in September to establish a national bank offering digital asset custody and crypto-related payment services.

Magazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinion