Ripple Applies for Crypto License in UK After XRP Ruling
Following the historic court ruling that XRP is ‘not a security’, payments network and technology company Ripple has applied to be registered as a crypto asset firm in the United Kingdom.
Filing the application to the UK Financial Conduct Authority (FCA) highlights the growth of interest to conduct crypto business in the United Kingdom.
Increasing regulatory scrutiny from the United States Securities and Exchange Commission (SEC) has swayed crypto business away from the behemothic hub.
UK brings regulatory clarity
More cryptocurrency-entrenched firms are looking to set up business in the United Kingdom as the nation is perceived to have regulatory clarity and provides a supportive environment for crypto trading, investing and safekeeping.
The partial win against the SEC marked a significant achievement for the broader crypto community following the watchdog’s crackdown against cryptocurrency giants Binance and Coinbase.
Its move to explore international options highlights the potential trend that the United States could lose its status as the crypto safe haven if regulation continues to burden operations.
Sources:
https://cointelegraph.com/news/ripple-applies-for-crypto-license-united-kingdom
https://u.today/ripple-applies-for-crypto-license-in-uk-and-ireland-following-xrp-ruling
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