In the wake of the globally celebrated victory against the United States Securities and Exchange Commission (SEC), Ripple looks set to push for further expansion into European nations.
Ripple’s European Managing Director, Sendi Young, revealed to DL News that the cross-border crypto firm applied for registration as a crypto asset outlet with the United Kingdom’s (U.K.) Financial Conduct Authority (FCA), which was in addition to applying for a payment institution license in Ireland.
“We are in the process of applying for our crypto asset registration in the U.K. and our payments license in Ireland. These are all massive investments with a view that we are going to continue growing exponentially in this region,” Young started.
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Read Also: IMF 2023 Document Highlights Role of XRP in Revolutionizing Cross-Border Payments
Motive Behind Ripple’s U.K. And Europe Expansion
European nations’ drive to establish crypto as a global entity remains a significant motivating factor that seems to be spurring Ripple’s European expansion.
Notably, the U.K. has made significant moves to distinguish crypto activities from gambling ventures, declining the clamor to regulate crypto under betting schemes.
In addition, the launch of the experimental Digital Sandbox presents new tech firms’ leverage to foster innovation in a regulated environment.
FCA Moves To Make Prudent Requirements For Crypto Outlets
While Ripple continues to push for dominance in the U.K. and Ireland, the U.K.’s Financial Conduct Authority is also working to carve out pragmatic requirements for firms engaged in crypto activities.
In addition, the FCA is using its position as a custodian of the crypto company registry to bring crypto operations under anti-money laundering regulations while ensuring strict compliance.
Read Also: National Bank of Australia Announces Partnership with Ripple to Leverage XRP Utilities
Bottom Line
Having previously obtained approval for the Major Payments Institution license from Singapore’s central bank Monetary Authority of Singapore (MAS), Ripple has already set off significant moves toward achieving authorizations in the U.K. and Ireland, hoping it turns out to be a move in the right direction.
Meanwhile, Per CoinGecko, XRP’s price at the time of filing this report was $0.773963, reflecting a decline of 0.8% in the past 24 hours.
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