Ripple Submits Registration Application As A Crypto Asset Company In UK

Ripple, submitted a registration application as a crypto asset company to the UK Financial Services Authority (FCA) (photo: Twitter @Ripple)

JAKARTA - The network and payment technology company, Ripple, recently submitted a registration application as a crypto asset company to the UK Financial Services Authority (FCA), a company spokesman told Cointelegraph. The company also applied for a payment permit in Ireland as part of a large regional investment.

This registration application was made after Ripple won part of the case against the United States Securities and Exchange Commission (SEC) regarding the classification of its XRP token as a securities.

This decision, which is considered a victory by Ripple and the crypto community in general, considers XRP tokens to be securities when sold to institutional investors but not retail investors. This case can still be appealed by the SEC.

More crypto companies are now eyeing the UK for regulatory clarity and a supportive business environment amid a wave of law enforcement actions by the SEC in the United States.

Recently, venture capital firm Andreessen Horowitz (A16z) announced the opening of its first office outside the United States, in London, after "a few months of constructive conversations" with policymakers and the FCA, citing its "predictable business environment" as the main reason for foreign expansion.

Several laws have been introduced in the British parliament aimed at creating a regular environment for crypto in the country. In June, a law regulating crypto under the same rules as traditional assets was passed into law after obtaining approval from the kingdom.

The new law authorized the UK Ministry of Finance, FCA, Bank of England, and Payment System Regulators to introduce and oversee regulations for the crypto business.

In other developments, legislators discussed a draft law aimed at expanding the authorities' ability to target cryptocurrencies used for illegal purposes. The law includes provisions to provide greater flexibility for authorities in confiscating and restoring crypto assets.