Gibraltar Grants Revolut Crypto License as Fintech Eyes Worldwide Growth
The British-based fintech company will leverage this regulatory approval to deliver cryptocurrency services across additional global territories, although specific nations and rollout schedules have not been revealed.
Revolut, the United Kingdom-based neobank and financial technology enterprise, has obtained a license to provide cryptocurrency services in Gibraltar, which the company intends to leverage for extending its digital currency products into global markets outside the UK and the European Economic Area.
The Distributed Ledger Technology (DLT) Provider license was issued by the Gibraltar Financial Services Commission (GFSC) to Revolut Global Digital Assets Limited, a subsidiary created for this purpose, as detailed in an announcement made on Monday.
According to a Revolut spokesperson speaking with Cointelegraph, the license will enable the fintech firm to deliver crypto services across further international territories, though the company has not yet revealed which specific nations will be targeted or when these services will launch.
Currently, Revolut delivers cryptocurrency services via Revolut Ltd within the UK and through Revolut Digital Assets Europe Ltd throughout the European Economic Area, with these operations operating under the European Union's Markets in Crypto-Assets Regulation (MiCA) framework.
The financial technology company reports a customer base exceeding 80 million retail users globally, with approximately 16 million of these customers utilizing cryptocurrency services, based on information from its announcement.
This Gibraltar license represents another milestone following Revolut's in-principle regulatory approval to provide crypto services in Dubai received in July and preliminary conditional approval obtained from US regulators in September to launch a national bank that would offer digital asset custody and payment services related to cryptocurrencies.