Ripple applied to register with the Financial Conduct Authority (FCA) of the United Kingdom as a crypto asset corporation.
A spokeswoman for the company stated that Ripple recently applied to register as a crypto asset firm with the Financial Conduct Authority (FCA) of the United Kingdom. As part of its significant investment in the area, the business is also looking for a payments license in Ireland.
The application was made following Ripple’s partial victory over the Securities and Exchange Commission of the United States regarding the SEC’s designation of its XRP (XRP $0.74) cryptocurrency as a security.
The ruling regarded the XRP token as a security when offered to institutional investors but not to ordinary investors, which was seen as a victory by Ripple and the larger crypto community. The SEC may still challenge the decision in this instance.
A surge of SEC enforcement proceedings in the United States has led to an increase in cryptocurrency companies moving to the United Kingdom for regulatory certainty and a welcoming business environment.
Following “months of constructive conversations” with politicians and the FCA, venture capital company Andreessen Horowitz (A16z) recently announced the opening of its first new office outside the United States in London, citing a “predictable business environment” as a significant justification.
Several bills to create a crypto-regulated environment in the U.K. have been submitted in the British parliament. A bill that would have subjected cryptocurrencies to the same regulations as King Charles approved regular assets and become law in June.
The Financial Conduct Authority, Bank of England, and Payments Systems Regulator are given jurisdiction under the new law to establish and implement laws for cryptocurrency enterprises.
Another recent occurrence had MPs in the upper chamber debating legislation drafts that aimed to increase the power of law enforcement to target cryptocurrency used for illegal reasons. The measure contains provisions that provide authorities more latitude when seizing and reclaiming cryptocurrency.
