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Ripple Applies for Crypto License in UK Following XRP Ruling

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Fri, 21/07/2023 - 13:33
Ripple Applies for Crypto License in UK Following XRP Ruling
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In the wake of a significant legal victory against the SEC, Ripple, the renowned crypto payments giant, has set its sights on securing coveted spots on the U.K.'s crypto company register. The firm's European managing director, Sendi Young, revealed to DL News that they have recently submitted applications for crypto asset firm registration with the U.K.'s Financial Conduct Authority (FCA). However, while Ripple has applied for its license in the U.K., it has not yet made a formal application in Ireland but is preparing to do so in the future.

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Despite this major legal triumph in its homeland, Ripple remains steadfast in its expansion plans for the U.K. and European markets. Young firmly stated that their growth strategies and plans remain unaltered and undeterred. The company intends to invest significantly in these regions, fostering exponential growth, said the executive.

She also expressed enthusiasm for the ongoing momentum, as the U.K. actively positions itself as a promising investment hub within the crypto space.

Step forward

Ripple's growth aspirations in the U.K. and Europe are further fortified by the country's increasing dedication to becoming a global crypto powerhouse. In recent news, the U.K. has made strides to differentiate crypto from gambling activities, rejecting calls to regulate it under such terms.

Moreover, the launch of the experimental Digital Sandbox offers new tech companies an opportunity to foster innovation in a controlled environment.

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As Ripple endeavors to solidify its presence in the U.K. and Ireland, the U.K.'s Financial Conduct Authority is diligently crafting prudent requirements for firms engaged in crypto activities. Acting as the custodian of the crypto company registry, the FCA is actively seeking to bring these operations under anti-money laundering regulations and ensure adherence.

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