After securing a major legal triumph against the US Securities and Exchange Commission (SEC), blockchain payments firm Ripple is now focusing on its expansion plans in Europe.
Ripple’s move to apply for registration with the Financial Conduct Authority (FCA) and seek a payment institution license in Ireland further underscores the company’s commitment to responsibly navigate and embrace the regulatory landscape.
Recently, a judge in the United States ruled in favor of Ripple, stating that the company’s sales of the XRP cryptocurrency do not qualify as investment contracts. This was a significant legal breakthrough for Ripple.
Legal Victory Sparks XRP Surge
This landmark decision caused a stunning 60% increase in the value of XRP within a week, implying that cryptocurrencies may not be subject to the same regulatory framework as traditional securities.
XRP price flashing red in the weekend chart. Source: CoinMarketCap
XRP price flashing red in the weekend chart. Source: CoinMarketCapHowever, at the time of writing, XRP has slipped into the red zone, trading at $0.738, down 4.15% in the last 24 hours. In the weekly time frame, the token suffered a small decline of 0.93%.
According to Sendi Young, managing director for the UK and Europe, the company intends to register as a crypto-asset firm with the FCA in the UK and submit an application for a payment institution license in Ireland.
XRP nearing the $39 billion market cap on the weekend chart: TradingView.com
Ripple: Setting sights on Europe
Considering the UK government’s progressive approach to cryptocurrency regulation, the company’s strategic focus on the European region comes as no surprise.
Despite ongoing regulatory hurdles in the US, Ripple remains committed to expanding its operations in the UK and Europe. Young said the company’s growth plans remain intact in the region and hiring efforts are underway for key positions.
Unlike some countries, the UK has set itself apart by categorizing cryptocurrencies as distinct from gambling and demonstrating a willingness to develop responsible and compliant regulations for the crypto industry.
With over a hundred of its approximately 900 staff stationed in offices in London, Dublin and Reykjavik, Iceland, Ripple is strengthening its position as a prominent player in the region’s booming crypto industry.
Effective Regulatory Strategies
Although Ripple’s global headquarters remains in the US, much of the company’s expansion has taken place abroad over the past two years. Its presence includes over 15 offices worldwide and provides innovative crypto solutions in more than 50 countries, including Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).
As Ripple looks to strengthen its foothold in the UK and Ireland, the regulatory support and enabling environment provided by the FCA and other institutions play a key role in driving the company’s expansion strategy.
Featured image from TelecomTV
