Ripple Applying for License as a Cryptocurrency Company in the UK

Aiming for growth in the UK and EU

Sendy Young, Ripple’s head of operations in Europe, said the company has applied for registration as a cryptocurrency company in the UK and for a clearing house license in Ireland, which is a member of the EU. DL News reported on the 21st.

Young continues that the move is “a major investment that sees Ripple continue to grow exponentially in the region.”

Ripple has grown its workforce in the UK and Europe by about 75% in the past year and a half, and now employs more than 100 of its roughly 900 employees worldwide in offices in London, Dublin and Iceland.

Young also said that Ripple will be based in the U.S., but plans to expand into various markets around the world. He said the Asia Pacific region (APAC) and the Europe, Middle East and Africa region (EMEA) are also very strong markets.

He also pointed out that in the period since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020, most of Ripple’s expansion has taken place outside the United States. He continues to hope that the situation in the United States will improve in the future.

The SEC vs. Ripple Trial

The district court ruled in favor of Ripple on July 13 in a lawsuit filed against Ripple by the SEC regarding the XRP cryptocurrency as an unregistered security.

U.S. District Court Judge Annalisa Torres has said that XRP itself has no securities, and the sale of XRP to private investors on cryptocurrency exchanges is not considered a securities transaction.

The SEC said it was reviewing the ruling.

connection: Summary of the “Ripple trial” filed by the US SEC (December 2020-July 23

Young also commented on the SEC’s crackdown on cryptocurrency companies. He said that resorting to “regulation by law enforcement” (without providing clear guidelines) is not a productive approach to fostering innovation or attracting investment.

He also expressed his view that the situation in the United States, where regulations are unclear, is an opportunity for the United Kingdom, the European Union, and other countries to attract global cryptocurrency-related companies.

Situation in UK and EU

The UK, where Ripple has applied for a license this time, is accelerating the development of the regulatory environment with the aim of becoming a center of cryptocurrency innovation.

In June, King Charles approved an amendment to the Financial Services and Markets Bill that would designate cryptocurrencies as a regulated financial activity and regulate stablecoins as a means of payment in the UK.

The UK’s Financial Conduct Authority (FCA) also announced on July 4 that cryptocurrency companies will have until October to comply with existing financial product promotion rules.

connection: British authorities tighten regulations on cryptocurrency promotions

In June, the EU also formally approved a comprehensive regulatory proposal for cryptocurrencies called MiCA. It is planned to come into effect in stages by January 2025.

connection: EU officially approves comprehensive cryptocurrency regulation draft MiCA, to enter into force in stages

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