Ripple, the cross-border crypto firm, has recently applied for crypto firm licenses in the United Kingdom (UK) and Ireland, following its victory against the United States Securities and Exchange Commission (SEC). The move comes as Ripple aims to expand its operations into European nations, with a particular focus on establishing itself as a global entity in the crypto market.
Sendi Young, Ripple’s European Managing Director, revealed to DL News that the company has submitted an application for registration as a crypto asset outlet with the UK’s Financial Conduct Authority (FCA). In addition, Ripple has also applied for a payment institution license in Ireland. These strategic moves reflect Ripple’s commitment to adhere to regulatory frameworks and seek authorization to operate in these regions.
The motivation behind Ripple’s European expansion lies in the drive of European nations to establish crypto as a legitimate and regulated industry. The UK, in particular, has taken significant steps to differentiate crypto activities from gambling ventures, signaling its support for the crypto market. The launch of the Digital Sandbox further enables tech firms to foster innovation in a regulated environment, providing Ripple with a platform to showcase its capabilities.
Meanwhile, the UK’s Financial Conduct Authority is actively working to define pragmatic requirements for firms engaged in crypto activities. As the custodian of the crypto company registry, the FCA is focused on bringing crypto operations under anti-money laundering regulations and ensuring strict compliance.
Ripple’s pursuit of licenses in the UK and Ireland builds upon its previous success in obtaining the Major Payments Institution license from Singapore’s central bank, the Monetary Authority of Singapore. These accomplishments demonstrate Ripple’s commitment to achieving regulatory approvals and further establishing its presence in key international markets.
In terms of XRP’s price, it currently stands at $0.773963, with a marginal decline of 0.8% in the past 24 hours. Despite this slight decrease, Ripple remains optimistic about the future and hopes that its expansion into the UK and Ireland will prove to be a significant step in the right direction for the company.
Overall, Ripple’s application for crypto firm licenses in the UK and Ireland reflects its determination to navigate and comply with regulatory frameworks. As the crypto market continues to gain momentum globally, Ripple’s expansion into Europe positions the company strategically for growth and leadership in the evolving digital asset industry.