Following a partial victory in a case involving the SEC, Ripple UK and Europe managing director revealed that the company recently filed for registration in the UK and Ireland.
Ripple’s recent landmark victory in a case involving the SEC has sparked renewed interest in the company and its native token, XRP. The company is riding the current wave of popularity and has its eyes on expanding to the UK and the Republic of Ireland.
Ripple wants to expand to the UK and Ireland
Sendi Young, Ripple’s managing director for Europe, said DL News in a interview The company is in the process of obtaining approval in the UK and Ireland.
While the company still sees the US as its global hub, “we will continue to grow exponentially” in the UK and Europe, Sandy said. To that end, Young said Ripple “recently” applied for crypto asset company registration with the UK’s Financial Conduct Authority (FCA), and for a payment institution license in the Republic of Ireland.
Ms. Yang said in an interview:
“We are in the process of applying for crypto asset registration in the UK and for a payments license in Ireland. These are massive investments designed to allow us to continue our exponential growth in the region.”
However, she declined to provide figures for the company’s UK and European growth plans, but confirmed the company was increasing hiring in the region.
Court ruling is a ‘big win’ for Ripple
Ripple scored a partial victory in its lawsuit against the SEC when Judge Analise Torres ruled that Ripple’s XRP tokens “need not be prima facie securities.” Ripple has been in a three-year battle with the SEC after the SEC accused it of violating U.S. securities laws.
XRP is not a security.
this victory for @ripple This is a victory for the entire industry and a step towards regulatory clarity in the US
— Ripple (@Ripple) July 13, 2023
According to the SEC lawsuit, cryptocurrency exchanges such as Coinbase and Kraken were forced to delist XRP products, but have since said they would relist the token.
Yang commented on Judge Torres’ decision, saying it was a “big win” and “positive for (the company’s) development in the US”.
She added that the company’s U.S. status as its global hub “hasn’t changed,” but noted that since the lawsuit, most of Ripple’s expansion “has happened outside of the U.S..” I just hope the U.S. will now recover and grow more.
Having said that, we are global and we have over 15 offices around the world. “
Ripple Receives In-Principle MPI License in Singapore
CITIC Bank report Weeks before Judge Torres’ decision, the company was granted an in-principle major payments institution (MPI) license by Singapore’s central bank, the Monetary Authority of Singapore (MAS).
in a Press release When announcing the MAS approval, Ripple said:
“rippleThe leader in enterprise blockchain and crypto solutions announced today that its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has received approval-in-principle for a major payment institution license application from the Monetary Authority of Singapore (MAS).
The license will allow Ripple to offer regulated digital payment token products and services in the city-state and further expand the use of its cryptocurrency by its customers Liquidity on demand (ODL) service. “
Ripple has long had a strong presence in Singapore since opening its Asia-Pacific headquarters in 2017.
Ripple CEO Brad Garlinghouse said in a statement statement Released shortly after the company’s MPI approval was announced:
“Singapore is a leading global financial center and an important business gateway in the Asia-Pacific region. We are very proud to have been granted a permission-in-principle from MAS, which reaffirms our commitment to the region and our continued active engagement with global regulators.”
Ripple Chief Legal Officer Stu Alderoty also commented:
“As more countries develop regulatory frameworks for cryptocurrencies, many look to Singapore to take an early leadership role in developing a clear classification and licensing framework. MAS’ regulatory approval-in-principle will allow us to better support our forward-looking clients who want to delve deeper into blockchain and crypto for a more inclusive and borderless financial system.”
ripple Reportedly doubles Singapore workforce Over the past year, we’ve continued to take advantage of everything this city has to offer.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.