Ripple Seeks Crypto License in the UK

Ripple Applies for Crypto Asset Firm Registration

Ripple, a payment protocol, has filed for registration as a crypto asset firm with the Financial Conduct Authority (FCA) of the United Kingdom, a spokesperson for the firm told Cointelegraph. The company is also obtaining a payments license in Ireland as part of its extensive investment in the area.

The filing was made after Ripple’s partial success in the dispute with the United States Securities and Exchange Commission (SEC) over the classification of its XRP (XRP) token as a security. The decision, seen as a victory for Ripple and the crypto community in general, considered the XRP token to be a security when sold to institutional investors, but not to retail investors. The case is still open for appeal by the SEC.

Many crypto firms are looking to the United Kingdom for regulatory clarity and a favorable business environment in the wake of a series of enforcement actions by the SEC in the United States.

Recently, venture capital firm Andreessen Horowitz (A16z) declared its first office outside the U.S. in London, following “months of constructive conversations” with policymakers and the FCA, and citing a “predictable business environment” as a major factor for its expansion abroad.

In June, a bill that brings cryptocurrencies under the same regulations as traditional assets was signed into law after receiving the royal assent of King Charles. This new law grants the Treasury, Financial Conduct Authority (FCA), Bank of England and Payments Systems Regulator the power to create and implement regulations for crypto businesses.

More recently, lawmakers in the upper house discussed drafts of a legislation which seeks to increase the authorities’ ability to target cryptocurrencies used for illicit activities. This bill includes provisions that give authorities more flexibility in confiscating and recovering crypto assets.

Web 3.0 investment opportunities have attracted attention from investors, with many crypto tokens now available for purchase. Alchemy Pay Crypto, Alchemix Crypto, Agix Crypto, and Alchemy Crypto are just a few of the 000 pieces that have appeared on Crypto Press Cryptocurrencies Network. With Web 3.0 development now in full swing, it is interesting to note that when Web 3.0 started is still a topic of debate.