Gibraltar has granted a distributed ledger technology (DLT) licence to Revolut Global Digital Assets Limited (RGDAL), the cryptocurrency arm of Revolut. The authorisation, confirmed by the Gibraltar Financial Services Commission (GFSC) on 19 October, marks another step in the territory’s ongoing efforts to expand its financial services sector beyond its established gambling industry.
Regulatory Approval Expands Revolut’s Crypto Operations
The new licence allows RGDAL to conduct several crypto-related activities in Gibraltar, including the transmission and execution of virtual asset orders, digital asset custody, and staking services. With this move, Gibraltar becomes another regulated hub for Revolut’s international cryptocurrency business, joining the United Kingdom and the European Union, where Revolut operates under the Markets in Crypto-Assets (MiCA) framework. While Revolut has not specified which markets will be served by its Gibraltar subsidiary or when the services will launch, the company continues to expand its regulated crypto footprint.
Gibraltar Diversifies Beyond Gambling
The authorisation for Revolut comes as Gibraltar intensifies its efforts to attract international fintech businesses. The territory, which introduced its DLT regulatory framework in 2018, has expanded its approach to digital asset and prediction market operators in recent years. The government is positioning Gibraltar as an appealing jurisdiction for companies seeking regulatory clarity and innovation opportunities. This strategy is part of a broader economic diversification plan, especially as the local gambling sector faces mounting challenges.
Gambling Industry Faces Higher UK Taxes
Gibraltar’s gambling industry, a longstanding pillar of its economy, is under pressure from significant increases in UK betting and gaming taxes. Recent changes include a rise in Remote Gaming Duty and a scheduled increase in General Betting Duty on remote betting. These tax hikes have led to restructuring among major operators with a presence in Gibraltar, including redundancy consultations at Lottoland and bet365, and broader changes at Entain. Industry leaders are actively lobbying against further tax increases ahead of the UK Autumn Budget.
Why This Matters for Industry Stakeholders
For operators and affiliates, Gibraltar’s approval of Revolut’s crypto licence signals the territory’s commitment to regulatory innovation and diversification. As gambling companies face a tougher tax environment, the government’s focus on attracting fintech and digital asset firms offers new business opportunities and potential partnerships. Suppliers and regulators will also be watching how Gibraltar’s evolving regulatory landscape impacts both established and emerging sectors.
Key takeaways
- Gibraltar has licensed Revolut’s crypto subsidiary, expanding its regulated digital asset sector.
- The move is part of Gibraltar’s broader push to diversify beyond gambling amid rising UK gaming taxes.
- Revolut’s authorisation covers crypto order transmission, custody, and staking services.
- Industry restructuring continues as gambling operators respond to increased UK duties.