REVOLUT has resumed opening accounts for residents of Gibraltar following a long-standing freeze.
But the banking app has still not obtained a retail banking licence on the Rock and is instead using a legal loophole to bypass local financial regulations.
The move means expats and Gibraltarians can once again sign up for the popular digital bank, ending a pause on new customer onboarding that had left many frustrated.
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While the Gibraltar government celebrated a ‘full resumption’ of services this week, Revolut confirmed directly to the Olive Press that it is only accepting new customers on a ‘reverse solicitation basis’.
The workaround allows residents to sign up to the UK entity as long as they approach the firm on their own initiative, meaning Revolut does not need to secure a dedicated retail banking licence for the territory.
Existing customers on the Rock have remained fully supported throughout the freeze.
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Nigel Feetham, Gibraltar’s Minister for Trade and Industry, said the resumption followed direct talks with the firm, adding that his objective was ‘to ensure that Gibraltar residents can access the services offered by major international financial technology businesses’.
Separately, the fintech giant has also secured a local cryptocurrency licence to act as a regulatory base for a major international digital asset expansion.
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The newly formed Revolut Global Digital Assets Limited has been granted permission by the Gibraltar Financial Services Commission (GFSC) to offer crypto transmission, custody and staking services.
Emil Urmashin, Revolut’s general manager for crypto, said the territory’s pioneering oversight makes it ‘an ideal jurisdiction’ to support the app’s global operations.
The GFSC expects to issue three more crypto permissions to major international firms this week.
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