Ripple requests registration as a crypto-asset service provider in Great Britain and plans expansion to the region
Ripple requests registration as a crypto-asset service provider in Great Britain and plans expansion to the region
Ripple, a leading crypto payment service provider, has submitted an application for registration as a crypto-asset service provider at the British Financial Conduct Authority (FCA). This was confirmed by a company spokesman for CoinTelegraph. At the same time, Ripple tries to pay a payment license in Ireland to support its expansion efforts to the region.
The application was submitted after Ripple won an important victory in court against the US stock exchange supervision Sec. The court rejected the classification of Ripple's cryptocurrency XRP as securities. The judgment stipulates that the XRP token is only considered a security if it is sold to institutional investors, but not when selling to small investors. However, it is possible that the SEC appeals against the judgment.
In view of the increasing measures of the SEC against the American crypto industry, more and more crypto companies in Great Britain are looking for regulatory clarity and favorable framework. Andreessen Horowitz (A16Z), an influential risk capital company, has recently announced that it would open its first branch outside the United States in London. This is done after successful discussions with political decision -makers and the FCA, which mentioned a "predictable business framework" as the main reason for expansion abroad.The British Parliament has also introduced laws to create a clear legal framework for crypto. In June, a draft law was passed that submits cryptocurrencies to the same rules that also apply to traditional assets. The Ministry of Finance, the FCA, the Bank of England and the regulatory authority of payment systems are authorized to introduce and enforce regulations for crypto companies.
In addition, the British Parliament has negotiated a new draft law that is intended to expand the authorities' powers to prosecute crypto assets that are used for illegal purposes. The draft stipulates that the authorities become more flexible in confiscation and confiscation of cryptocurrencies.
Soripple relies on a favorable regulatory environment in Great Britain and Ireland to expand its business activities. Registration as a crypto-asset service provider at the FCA and the receipt of a payment license in Ireland would help Ripple to meet legal requirements and to build up trust among customers and investors. The British government and the FCA have campaigned to create clear regulatory framework for the crypto industry and to strengthen law enforcement measures against illegal crypto activities. This could make Britain an attractive goal for crypto companies looking for a cheap environment to grow and expand their business.
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