Government Welcomes Revolut’s Resumption Of Customer Onboarding In Gibraltar
Revolut has fully resumed onboarding new customers in Gibraltar, allowing residents to open accounts and access its electronic money and payments app.
The Government has also announced that Revolut Global Digital Assets Limited has received regulatory permission from the GFSC to provide virtual asset services, including custody, order execution and staking.
A statement from the Government follows below:
HM Government of Gibraltar has welcomed the full resumption of customer onboarding by the Revolut Group in Gibraltar, together with the granting of a regulatory permission to its Gibraltar based subsidiary, Revolut Global Digital Assets Limited.
As reported in the press, Revolut has fully resumed the onboarding of Gibraltar residents to its electronic money and payments app. New customers in Gibraltar can now open Revolut accounts and access the Group’s services. This follows close collaboration between Revolut, the Minister for Trade and Industry, Nigel Feetham KC MP, and the Gibraltar Financial Services Commission (GFSC).
In a further significant development, Revolut Global Digital Assets Limited has been granted a permission under Part 7 of the Financial Services Act to undertake regulated distributed ledger technology (DLT) activities. These include the transmission and execution of virtual asset orders, the provision of virtual asset custody services and virtual asset staking services.
The permission broadens the range of products and services that Revolut can offer through its app and further strengthens Gibraltar’s position as an established jurisdiction for financial services and virtual asset businesses operating within a robust regulatory framework.
The latest developments also reflect the continued interest of major international firms in establishing and expanding their presence in Gibraltar. With three DLT permissions expected to be issued during the course of this week, this further demonstrates the jurisdiction’s continued appeal to businesses seeking to operate in the virtual asset sector within a regulated environment.
Minister Feetham acknowledged the important contribution made by the GFSC throughout this process, in particular the work of its DLT supervisory team and Heidi Bocarisa, Director of Specialist Regulation.
Minister for Trade and Industry, the Hon Nigel Feetham KC MP, said: “I welcome Revolut’s full resumption of customer onboarding in Gibraltar and the granting of this permission to its Gibraltar based subsidiary.
“These developments are the result of constructive engagement and close collaboration between Revolut, the Government and the GFSC. Our objective has been to ensure that Gibraltar residents can access the services offered by major international financial technology businesses, while maintaining the high regulatory standards that underpin our reputation as a financial services jurisdiction.
“The granting of this permission is also an important development for Gibraltar’s virtual asset sector. The continued interest of major international firms, alongside the issuance of further DLT permissions, demonstrates the attractiveness of Gibraltar as a jurisdiction for businesses seeking regulatory certainty and a clear framework within which to innovate and grow.
“I would particularly like to recognise the work of the GFSC’s DLT supervisory team and Heidi Bocarisa. We will continue to work collaboratively with industry and the regulator to support sustainable growth, innovation and consumer confidence in Gibraltar’s financial services sector.”
