Ripple scores UK regulatory approval via local subsidiary
Ripple’s UK subsidiary gained regulatory approval as an Electronic Money Institution to provide payment services, but faces limits on certain crypto activities.
Cryptocurrency company Ripple is expanding its regulatory footprint after securing authorization from the United Kingdom’s Financial Conduct Authority (FCA).
The FCA granted Ripple’s UK subsidiary, Ripple Markets UK, an Electronic Money Institution (EMI) registration and registered it under the UK’s Money Laundering Regulations (MLRs), according to official records.
The EMI license allows companies to provide payment services and issue electronic money, a move that could potentially impact Ripple as it issues its stablecoin, Ripple USD (RLUSD).
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