Ripple applies for registration as crypto asset firm in the UK

One of the world’s leading providers of decentralized enterprise-grade solutions, Ripple recently announced that it has applied for registration as a crypto asset company in the United Kingdom. The move is being seen as part of the platform’s plans to scale globally.

Apart from applying for registration with the UK’s Financial Conduct Authority (FCA), Ripple is also in the process of seeking a payments licence in Ireland, which would further cement its foundation in the region.

Ripple’s recent move comes close at the heels of its win against the United States Securities and Exchange Commission (SEC) in a lawsuit over the classification of its native cryptocurrency – the XRP token – as a security. 

As Ripple eyes international expansion, other cryptocurrency firms are also exploring opportunities in the UK and looking for regulatory clarity on crypto assets. In the recent past, the UK has ramped up its efforts to introduce a more crypto-regulated business environment.

A spokesperson for Ripple stated that the company has only recently applied for registration as a crypto assets company with the FCA.

Partial win over SEC a boost for other crypto firms

The platform’s decision to simultaneously apply for a payments licence in Ireland highlights its interest in firming its presence in the UK. 

Ripple’s partial win over the SEC in an ongoing lawsuit received a warm welcome from the global crypto community. Sources of cryptocurrency news in India were abuzz with what it could mean for the entire industry. At the same time, the judgment also sent live cryptocurrency prices soaring across the world.

The decision mandated that the XRP token be considered security while being sold to institutional crypto investors. Even though the case is still open for appeal by the US regulatory body, Ripple’s win has boosted the confidence of many other firms.

In the wake of a spate of regulatory action against crypto firms in the US by the SEC, more crypto firms are considering tapping into the UK’s vibrant business ecosystem to expand. What adds to the region’s draw is the regulatory clarity and a conducive business environment.

In a recent development, venture capital company Andreessen Horowitz (A16z) went public with its decision to open an office in London to expand its operations. The London office would be the company’s first outside the US.

Even the British Parliament has been making attempts to offer more regulatory clarity on cryptocurrencies and is taking steps to introduce a crypto-friendly ecosystem in the UK.

Recently in June, the UK passed a new legislation that would pave the way for cryptocurrencies to be treated under the same laws as traditional assets.

About Ripple

Ripple is among the Top 10 cryptocurrencies in the world and has carved a niche for itself by offering businesses a range of blockchain-based solutions to scale and achieve operational efficiency. With its cutting-edge solutions, Ripple can help businesses process 24×7 digital payments at lightning-fast speed, boost their revenues, source cryptocurrencies, target new audience groups, and reduce their capital requirements, among other benefits.

One of its key features is the Central Bank Digital Currently platform where central banks can access several tools for minting, transacting, and managing stablecoins and altcoins. Each of these solutions is developed using a privacy ledger powered by the XRP Ledger technology – a hyper-efficient blockchain. 

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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