Ripple Seeks UK and Ireland Licenses After SEC Win

Ripple is seeking approval to register as a crypto asset firm with the UK FCA and obtain a payment institution license in Ireland.

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After a significant victory against the US Securities and Exchange Commission (SEC) in which Judge Torres ruled that the programmatic sale of XRP isn’t a security, Ripple is now looking to expand further in Europe. The company has applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA) and also seeks a payment institution license in Ireland.

Ripple Applies for UK, Ireland Crypto Licenses

Following Judge Analisa Torres’ landmark decision in the US SEC v. Ripple Labs lawsuit, where she ruled that XRP is not a security, Ripple is now seeking approval for licenses in the UK and Ireland. The judge clarified that sales of XRP to institutions are considered securities due to being investment contracts, but the XRP token itself is not classified as a security.

According to Sendi Young, the managing director of Europe for Ripple, the court decision was a significant win and a positive development for Ripple’s overall growth and success. Young mentioned that they are currently in the process of applying for crypto asset registration in the UK and a payments license in Ireland. These endeavors reflect their commitment to continued exponential growth in the European region.

Ripple CEO Brad Garlinghouse previously stated that the community remains committed to the US as its global hub. However, due to the lawsuit against the US SEC and Gary Gensler’s approach to the crypto market, most of the developments have occurred outside the US over the past two years.

Last month, Ripple obtained in-principle approval for the Major Payments Institution license from Singapore’s central bank, the Monetary Authority of Singapore (MAS). As part of their planned expansion, the company is now seeking licenses in the UK and Ireland.

XRP Price Poised for Major Rally

XRP price surged by 70% following Judge Torres’ decision, and numerous analysts foresee a significant upcoming rally in the coming weeks. Some predictions suggest XRP’s price could reach $15 by 2024.

XRP price declined by 2% in the past 24 hours, currently trading at $0.77. The 24-hour low and high were $0.76 and $0.80, respectively. Additionally, the trading volume has dropped by 32% in the same period.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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