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

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Author: Christian Encila

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