Ripple Seeks Regulatory Nod, Applies For Crypto License In The UK
After securing a major legal triumph against the US Securities and Exchange Commission (SEC), Ripple, the blockchain payments firm, is now focusing on its expansion plans in Europe.
Ripple’s move to apply for registration with the Financial Conduct Authority (FCA) and seek a payment institution license in Ireland further underscores the company’s commitment to responsibly navigating and embracing the regulatory landscape.
Recently, a judge in the United States ruled in favor of Ripple, stating that the company’s sales of the cryptocurrency XRP do not qualify as investment contracts. This was a significant legal success for Ripple.
Legal Victory Sparks XRP Surge
This landmark decision sparked a staggering 60% surge in XRP’s value within a week, signifying that cryptocurrencies might not be subject to the same regulatory framework as traditional securities.
XRP price flashing red in the weekend chart. Source: CoinMarketCap
However, at the time of writing, XRP has slipped into the red zone, trading $$0.738, down 4.15% in the last 24 hours. In the weekly timeframe, the token sustained a minor 0.93% decline.
The company intends to register as a crypto asset firm with the FCA in the United Kingdom and submit an application for a payment institution license in Ireland, according to Sendi Young, managing director for UK & Europe.
XRP nearing the $39 billion market cap on the weekend chart: TradingView.com
Ripple: Setting Sights On Europe
Considering the UK government’s progressive approach to cryptocurrency regulation, the company’s strategic focus on the European region is no surprise.
Despite continued regulatory obstacles in the US, Ripple remains dedicated to extending its operations in the UK and Europe. Young affirmed that the company’s growth plans remain intact in the region, and hiring efforts are underway for crucial positions.
Unlike some countries, the UK has set itself apart by categorizing cryptocurrencies as distinct from gambling and demonstrating a willingness to develop responsible and compliant regulations for the crypto industry.
Over a hundred of its approximately 900 personnel stationed in offices in London, Dublin, and Reykjavik, Iceland, Ripple is cementing its position as a prominent player in the region’s flourishing crypto industry.
Effective Regulatory Strategies
Despite Ripple’s global hub remaining in the US, most of the company’s expansion has occurred outside the country over the last two years. Its presence spans over 15 offices worldwide and delivering innovative crypto solutions in more than 50 countries, including Asia Pacific (APAC) and Europe, Middle East, and Africa (EMEA).
As Ripple seeks to fortify its foothold in the UK and Ireland, the regulatory support and conducive environment provided by the FCA and other institutions play a pivotal role in driving the company’s expansion strategy.
Featured image from TelecomTV
