Ripple Seeks Approval Of Licenses In UK And Ireland Following XRP Victory

Jul. 22, 2023
Ripple Seeks Approval Of Licenses In UK And Ireland Following XRP Victory

After a recent win in its battle with the SEC, Ripple aims to get approval from regulators in the UK and the Republic of Ireland. Ripple applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority. Sendi Young, the firm’s European Managing Director, revealed the latest submission to DL News. Moreover, Ripple has applied for a payment institution license in Ireland.

In 2022, the company disclosed its plans to grow in other European countries, particularly in the UK and Ireland. This decision came amidst the ongoing legal proceedings involving the US SEC.

After a landmark ruling by Judge Annalisa Torres in the Ripple Labs vs. SEC case, Ripple aims to obtain a license, as it claims XRP is not a security. Sendi Young said this decision was favorable and a huge win for Ripple’s overall success and growth.

Further, she stated:

“These are all massive investments with a view that we are going to continue growing exponentially in this region.”

Ripple Moving Ahead With Its Plans

CEO Brad Garlinghouse mentioned that the community will continue supporting the US as its main global center. The crypto market developments of the past two years have largely occurred outside of the US due to lawsuits and Gary Gensler’s regulatory approach.

Last month, Singapore’s central bank, the Monetary Authority of Singapore (MAS), gave Ripple in-principle approval for the Major Payments Institution license. Young confidently said their growth strategies are still the same, and nothing has discouraged them from moving forward.

While refraining from revealing specific targets, Young said Ripple is actively recruiting for various roles in Europe and the UK. Moreover, she emphasized the firm’s global presence, with 15 offices around the world. She also clarified that the firm had strategically planned the investments even before the SEC filed the complaint.

Ripple stands out for delivering innovative crypto solutions in more than 50 countries. These regions such as Africa (EMEA), the Middle East, Asia Pacific (APAC). 

Moreover, Young raised her concern about the SEC’s actions against crypto companies. She said regulating through enforcement is unhelpful and could discourage innovation and investment. She believes the US will improve and grow.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.