Revolut obtains Gibraltar crypto license to support global expansion
This UK-based fintech company will use this authorization to offer cryptocurrency services in additional international markets, though it has not yet disclosed specific countries or launch dates.
UK fintech company and digital bank Revolut has obtained a cryptocurrency services license in Gibraltar. The company plans to use this license to expand its digital asset business into international markets beyond the UK and the European Economic Area.
According to an announcement released on Monday, the Gibraltar Financial Services Commission (GFSC) has granted a Distributed Ledger Technology (DLT) provider license to Revolut’s new subsidiary, Revolut Global Digital Assets Limited.
A Revolut spokesperson told Cointelegraph that the license will enable the company to offer crypto services in more international markets, but specific countries and the rollout timeline have not been disclosed.
Currently, Revolut offers cryptocurrency services through Revolut Ltd. in the UK and operates across the European Economic Area through Revolut Digital Assets Europe Ltd.; its operations in the European Economic Area are subject to the EU’s Markets in Crypto-Assets Regulation (MiCA).
According to the company’s announcement, this fintech company currently has over 80 million retail customers worldwide, including approximately 16 million cryptocurrency users.
Before obtaining its Gibraltar license, Revolut received preliminary approval in July to offer cryptocurrency services in Dubai and conditional preliminary approval in September from U.S. regulators to establish a national bank offering digital asset custody and cryptocurrency-related payment services.