2023-07-22 14:53:00
© Archyde.com Ripple Seeks Approval of Licenses in the UK and Ireland After XRP Wins Against the SEC!
It is seeking further expansion into Europe after its historic victory over the US Securities and Exchange Commission (SEC) where Judge Torres determined that XRP is not a security. It has applied to register as a crypto asset company with the UK’s Financial Conduct Authority (FCA) and to obtain a payment institution license in Ireland.
Ripple applied for licenses in the UK and Ireland Ripple last year announced plans to expand into other European countries. Especially the UK and Ireland amid the long-running case against the US Securities and Exchange Commission.
Following the landmark decision of Judge Analisa Torres in the US SEC v. Ripple Labs case. Ripple is seeking approval for licenses in the UK and Ireland because XRP is not a security. Judge Torres ruled that the sale of XRP to institutions is a security because these are investment contracts, but the XRP token itself is not a security.
said Cindy Young, Managing Director of Ripple in Europe. The decision was a huge and positive win for Ripple’s growth and success in general.
“We are in the process of applying for our crypto asset registration in the UK and our payments license in Ireland. These are all huge investments with the goal of us continuing to grow exponentially in this region.”
Ripple CEO Brad Garlinghouse said earlier that the community will remain committed to the United States as its global hub. However, the lawsuit against the US Securities and Exchange Commission and Gary Gensler’s approach to the market has led to most developments outside the US in the past two years.
Last month, Ripple received approval in principle for a Major Payments Institution license from the Monetary Authority of the Central Bank of Singapore (MAS). Now, the company is pursuing licenses in the UK and Ireland as it planned last year.
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