Ripple Seeks to Secure Crypto License in the United Kingdom
- Ripple has submitted an application to get registered as a crypto firm in the UK and as a VASP in Ireland.
- The firm’s European Managing Director, Sendi Young, said that the plan is to “continue growing exponentially.”
- She said that the recent win against the SEC was a “huge win” and “positive for [the company’s] growth in the US.”
- The company is currently hiring people for its UK and European operations, as per Young.
Ripple, an American cross-border payments and software company, has applied for a license in the United Kingdom (UK) after recently securing a partial win against the United States Securities and Exchange Commission (SEC) in the XRP lawsuit this month. The payment protocol has applied for registration with the Financial Conduct Authority (FCA), the financial regulatory body in the UK.
It is crucial to note that, according to the report, Ripple also seeks to expand operations in Europe and has applied to get licensed in the region, according to the firm’s European Managing Director, Sendi Young. While the payments firm firmly believes the United States to be its base for global operations, Young said that his firm is “going to continue growing exponentially” in Europe and the UK.
Young said that Ripple had “very recently” applied for registration as a crypto asset firm with the FCA and for a crypto license in Ireland. On the other hand, it is crucial to note that leading crypto exchange Gemini recently announced that it had established Dublin, Ireland, as its base of operations in the European Union. Gemini was the first exchange to be registered as a virtual asset service provider in Ireland.
Talking about the July 13 ruling from Judge Analisa Torres in the Ripple vs. SEC lawsuit, wherein the judge rules that XRP was not a security when sold to retail investors, Young said that the decision was a “huge win” and “positive for [the company’s] growth in the US.”
The Ripple executive said, “We haven’t turned around and said, ‘Let’s stop hiring in the UK.’ Our strategy and growth plans are intact and in place,” while adding:
“We are in the process of applying for our crypto asset registration in the UK and our payments license in Ireland. These are all massive investments with the view that we are going to continue growing exponentially in this region.”
Young said that the plans to increase headcount for UK operations are ongoing, and the firm has increased its UK and European employees by about 75% in the last 18 months, and now has more than 100 of its about 900 global employees based in its offices in London, Dublin, and Reykjavik, Iceland.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
