Hot on the heels of a partial victory in its fight with the SEC last week, Ripple is setting its sights on obtaining regulatory greenlight in the UK and the Republic of Ireland.
Ripple has already sent applications for registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA) and for a payment institution license in Ireland.
Ripple Eyes UK, Ireland Expansion
American fintech firm Ripple continues its global expansion, initiating the process to secure approval in the UK and Ireland after the legal win in the XRP lawsuit.
Sendi Young, Ripple’s European Managing Director, told DL News that the company had “very recently” applied for crypto asset firm registration with the U.K.’s FCA, along with a payment institution license in Ireland.
The company’s move to strengthen its foothold in the UK and European markets was motivated by the “huge win” in its battle with the U.S. Securities and Exchange Commission.
A federal judge of the vaunted United States District Court for the Southern District of New York had reviewed the SEC’s drawn-out suit against Ripple and determined last week that institutional sales of the XRP token violated federal securities laws, but sales on exchanges and programmatic sales did not.
Young emphasized that Ripple’s approach and growth objectives remain unchanged despite this recent courtroom triumph. The firm has plans to invest heavily in the UK and Ireland, promoting exponential growth.
Cryptocurrency companies have been choosing to enter the EU owing to its huge advances in regulating the space. The bloc’s landmark Markets in Crypto-Assets (MiCA) law, which creates a licensing regime that will let firms operate in all of its 27 jurisdictions was passed in April.
Most recently, the U.K. has made significant steps to distinguish crypto assets from gambling, clarifying that it views the industry through the lens of financial services, not gambling.
XRP To Revisit $10 Soon?
Payments-focused cryptocurrency XRP posted an incredible gain of over 70% on the same day as the landmark ruling.
According to well-known crypto strategist CredibleCrypto, there is no reason to be bearish on the fourth-largest cryptocurrency as long as its price remains above the $0.50 region.
XRP is up 0.1% in the past day, currently changing hands at $0.79, per CoinGecko. The coin enjoyed another price bump this week after a judge directed the SEC and Ripple to agree on dates for a possible settlement conference.
Given the bullish regulatory developments, technical advancement, and the popularity of the token among retail traders, it is likely XRP could climb to the elusive $10 mark in the foreseeable future.