Ripple is applying for a crypto license in the UK

A company spokesperson told Cointelegraph that payment protocol Ripple recently applied to register as a crypto-asset firm with the UK’s Financial Conduct Authority (FCA). The company is also seeking a payments license in Ireland as part of its massive investment in the region.

The filing was filed following Ripple’s partial victory against the US Securities and Exchange Commission over the classification of its XRP (XRP) token as a security. The decision, seen as a win by Ripple and the broader crypto community, considers the XRP token to be a security when sold to institutional investors, but not to retail investors. The case is still open to appeal by the SEC.

More crypto firms are looking to the UK for regulatory clarity and a supportive business environment amid a wave of enforcement actions by the US Securities and Exchange Commission.

Recently, venture capital firm Andreessen Horowitz (A16z) announced its first new office outside the US in London, after “months of constructive talks” with policymakers and the Financial Conduct Authority (FCA), and cited a “predictable business environment” as a key reason for expanding abroad.

Several pieces of legislation have been introduced in the British Parliament aiming to create a regulated environment for cryptocurrencies in the UK In June, a bill that brings cryptocurrencies under the same rules as traditional assets was signed into law after receiving royal assent from King Charles. The new law gives the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the payment systems regulator the power to introduce and enforce regulations on crypto companies.

In another recent development, Senate lawmakers debated draft legislation that seeks to expand the authorities’ ability to target cryptocurrencies used for illicit purposes. The bill includes provisions that give authorities greater flexibility in seizing and recovering crypto assets.

The Journal: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Final Word?