Following its partial victory over the U.S. SEC, Ripple submitted an application to register with the Financial Conduct Authority (FCA) of the United Kingdom as a crypto asset corporation.
Significant developments in the cryptocurrency world! The payment network Ripple is taking big steps in the UK as it applies to register with the Financial Conduct Authority (FCA) as a crypto asset corporation. This follows their recent triumph over the Securities and Exchange Commission (SEC) of the United States regarding the classification of their XRP coin, which was regarded a security exclusively for institutional investors and not retail ones.
Ripple is broadening its horizons by applying for a payments license in Ireland, joining the ranks of cryptocurrency companies looking for a welcoming business environment and legal clarity. Many businesses are looking to the UK for a stable and friendly atmosphere as the SEC’s enforcement actions in the US create uncertainty.
XRP is not a security.— Ripple (@Ripple) July 13, 2023
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.
A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
Significant changes have also been occurring in the UK’s crypto environment. A16z, a well-known venture capital firm, has announced the opening of its first office outside the US in London, noting fruitful discussions with policymakers and the FCA as well as the appeal of a stable business climate.
The UK has proposed legislation that would subject cryptocurrencies to the same regulations as conventional assets in an effort to further establish its status as a hub for cryptocurrency regulation. The industry is poised for a bright future in the area thanks to the Treasury, FCA, Bank of England, and Payments Systems Regulator’s authority to enact and enforce regulations for crypto firms.
Legislators are also actively contemplating measures to stop the usage of cryptocurrency illegally. The initiative aims to make it easier for law enforcement to identify and seize cryptocurrency assets linked to illegal activity, resulting in a safer and more secure crypto environment.
All these developments demonstrate how the UK is quickly developing into a hub for crypto innovation and regulation, and Ripple’s bold initiatives reflect the area’s growing importance in the global crypto market. The UK’s progressive policies will undoubtedly draw more crypto companies looking for a stable and encouraging environment to flourish and innovate as the industry continues to develop.
Stay tuned for more exciting updates as the crypto revolution unfolds!