Revolut Secures Cryptocurrency Services License
Revolut, a prominent fintech firm headquartered in the UK, has announced a significant development in its business strategy by securing a cryptocurrency services license from Gibraltar. This license, granted by the Gibraltar Financial Services Commission (GFSC) to its new subsidiary, Revolut Global Digital Assets Limited, will enable the company to broaden its digital asset services to various international markets, extending beyond its current operations in the UK and the European Economic Area (EEA).
Current Operations and Customer Base
This move comes after Revolut already offers cryptocurrency services via two channels: in the UK under Revolut Ltd and throughout the EEA through Revolut Digital Assets Europe Ltd. These operations are regulated under the European Union’s Markets in Crypto-Assets Regulation (MiCA). As part of its global strategy, the fintech giant has a customer base of over 80 million, with approximately 16 million users actively engaging in cryptocurrency transactions.
Future Plans and Market Expansion
Despite this promising expansion, the company has yet to specify which additional international markets it will be targeting or provide timelines for launching these services. A spokesperson for Revolut indicated that while the license facilitates entry into new markets, detailed plans are still in development.
Recent Achievements and Regulatory Approvals
Furthermore, this licensing success in Gibraltar builds on recent achievements for Revolut, including a recent in-principle approval to offer crypto services in Dubai, which was obtained in July. Additionally, in September, the company garnered preliminary conditional approval from regulators in the United States to establish a national bank that would provide digital asset custody and cryptocurrency-related payment services.
Commitment to Cryptocurrency Offerings
This expansion strategy signifies Revolut’s commitment to enhancing its cryptocurrency offerings and tapping into the growing global market for digital assets as regulations evolve in various jurisdictions.
