Ripple Seeks Crypto License in the UK After Partial SEC Win

by | Feb 22, 2024 | Ripple News | 0 comments

Latest News

Latest News

View more

In the wake of its partial triumph against the United States Securities and Exchange Commission (SEC), Ripple, the renowned payments network and tech company, is making moves in the UK. A spokesperson confirmed to Cointelegraph that Ripple has applied for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA). Furthermore, as part of its extensive regional investment plan, the company is pursuing a payments license in Ireland.

The application to the FCA comes on the heels of Ripple’s semi-victory in the U.S. over the categorization of its native XRP token. While the token was deemed a security when marketed to institutional entities, the same did not apply to retail investors. This distinction, celebrated by both Ripple and the wider crypto community, might still face challenges as the SEC retains the right to appeal.

This move by Ripple echoes a broader trend among crypto-based companies, many of whom are turning to the UK in search of a clearer regulatory landscape and a more accommodating business environment. This shift is especially apparent given the escalating enforcement actions by the SEC stateside.

Highlighting this inclination, venture capital powerhouse Andreessen Horowitz (A16z) recently publicized the inauguration of its inaugural non-U.S. office in London. Their decision was influenced by “months of constructive conversations” with the FCA and other policymakers, underscoring the UK’s “predictable business environment” as a primary motivation for their overseas expansion.

The UK, for its part, is demonstrating a proactive approach to regulating the burgeoning crypto domain. In June, the monarchy sanctioned a law placing cryptocurrencies under similar regulatory umbrellas as traditional assets. This groundbreaking legislation empowers prominent institutions like the UK Treasury, the FCA, the Bank of England, and the Payments Systems Regulator with the authority to both introduce and implement regulations pertinent to crypto enterprises.

Furthermore, in a bid to curb the misuse of cryptocurrencies for unlawful activities, the UK legislators are debating drafts of potential laws. These prospective regulations could endow authorities with enhanced latitude in both the seizure and recovery of crypto assets involved in illicit operations.

For the current crypto news follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

Web Stories

Independent operators seek pause on Solana validator rules

Independent operators seek a pause under Solana validator rules that cap delegation at 100 participants and limit membership to a maximum 12-month term.

Solana dApp revenue leads blockchain rankings for seventh straight week

Solana dApp revenue reached nearly $34 million last week, leading Layer 1 and Layer 2 chains for a seventh straight week, Crypto Briefing reported.

EIP-8037 gas rules prompt Ethereum apps to revisit billing

EIP-8037 gas rules could change Ethereum app billing as developers delay a Glamsterdam testnet step over gas-accounting risks, KuCoin reports.

Glamsterdam gas fees raise billing concerns as developers seek fixes

Glamsterdam gas fees could disrupt dApp billing and older contracts. Developers are weighing fixes after a test delay and security warnings.

Nym mixnet SDK brings network privacy tools to wallets and dapps

Nym mixnet SDK brings five-hop browser traffic routing to wallets and dapps. It was unveiled at Devcon 8 and requires no separate VPN installation.

Anthropic dShares: Source Facts Needed

No source facts or quotations were supplied for Anthropic dShares; a reported article cannot be expanded without adding unsupported information.

Ethereum falls 6% as Glamsterdam upgrade delay coincides with ETF outflows

Glamsterdam upgrade delay coincides with a 6% Ethereum price drop, over $210 million in liquidations and nearly $100 million in ETF outflows.

ETH price forecast gives year-end range, not Nov. 7 2 a.m. price

Cryptopolitan’s ETH price forecast gives a 2026 year-end range, but its estimates do not establish the price at 2 a.m. EST on November 7, 2026.

EIP-8037 gas rules prompt review of Ethereum app billing

EIP-8037 gas rules could alter Ethereum app billing and wallet authorizations, as developers assess proposed changes and seek project reports.

Latest News