Revolut resumes new accounts in Gibraltar and secures virtual asset permission

Revolut has fully resumed opening accounts for Gibraltar residents, while its Gibraltar-based subsidiary has secured regulatory permission to provide a range of virtual asset services. 

New customers can now open accounts and access the group’s electronic money and payments app following collaboration between Revolut, Minister for Trade and Industry Nigel Feetham, and the Gibraltar Financial Services Commission. 

Separately, Revolut Global Digital Assets Limited has been granted permission under Part 7 of the Financial Services Act to undertake regulated distributed ledger technology activities. 

These include transmitting and executing virtual asset orders, holding virtual assets in custody and providing virtual asset staking services. 

The Government said the permission broadened the range of products and services Revolut could offer through its app. 

“I welcome Revolut’s full resumption of customer onboarding in Gibraltar and the granting of this permission to its Gibraltar-based subsidiary,” Mr Feetham said. 

“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 Government said three DLT permissions were expected to be issued during the week, citing this as evidence of continued interest from international firms in establishing and expanding their presence in Gibraltar. 

Mr Feetham added: “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.” 

He also recognised the contribution of the GFSC’s DLT supervisory team and its Director of Specialist Regulation, Heidi Bocarisa.