The Gibraltar Financial Services Commission (GFSC) has granted Revolut Global Digital Assets Limited (RGDAL) a distributed ledger technology (DLT) provider licence. Revolut announced the decision on October 19, according to the company press release. RGDAL is a recently created entity within the group.
The Gibraltar government expects three more DLT approvals to be issued this week. The information comes from iGaming Business, which reports that Trade and Industry Minister Nigel Feetham called the licence an important milestone for the territory's virtual asset sector.
According to specialist crypto media, the licence covers virtual asset order execution, custodial services and staking. Revolut says it has more than 80 million retail customers and over 16 million crypto users. The company needs the licence to expand its crypto services into new countries.
Revolut has not disclosed which countries RGDAL will operate in or when it will begin operations. No launch dates have been given. It has also not been reported which three companies will receive the remaining approvals.
For readers following iGaming, the context matters: Gibraltar, which has historically relied on gambling, is trying to diversify its economy as the sector faces tax increases in the United Kingdom. For operators and payments teams based in Gibraltar, this is a likely signal that more licensed crypto providers will arrive on the territory. The news contains no specific obligations for gambling licensees.
The next steps are for the government and GFSC to publish the list of the other three approvals, and for Revolut to announce the markets where RGDAL will launch.
