Breaking: Ripple Seeks Approval Of Licenses In UK And Ireland After XRP Win Against SEC

Breaking: Ripple Seeks Approval Of Licenses In UK And Ireland After XRP Win Against SEC

Time Stamp: July 21, 2023 9:02 AM
Source Node: 2179868

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Ripple Seeks Approval Of Licenses In UK And Ireland After XRP Win Against SEC

Varinder Singh
17 hours ago
24/7 Cryptocurrency News, Altcoin News

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Ripple seeks further expansion in Europe after a landmark win against the US Securities and Exchange Commission (SEC) as Judge Torres ruled that the programmatic sale of XRP isn’t a security. Ripple has applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA) and for a payment institution license in Ireland.

Ripple Applied For Licenses in UK and Ireland

Ripple announced plans last year to expand to other European countries, especially the UK and Ireland amid the long-running case against the US SEC.

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After Judge Analisa Torres’ landmark decision in the US SEC v. Ripple Labs lawsuit, Ripple seeks approval of licenses in the UK and Ireland as XRP isn’t a security. Judge Torres ruled that sales of XRP to institutions are securities as these are investment contracts, but the XRP token itself is not a security.

Sendi Young, managing director Of Europe for Ripple, said the decision was a huge win and positive for Ripple’s overall growth and success.

“We are in the process of applying for our crypto asset registration in the UK and our payments licence in Ireland. These are all massive investments with a view that we are going to continue growing exponentially in this region.”

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Ripple CEO Brad Garlinghouse earlier said the community will remain committed to the US as its global hub. However, the lawsuit against the US SEC and Gary Gensler’s approach toward the crypto market led to most developments happening outside the US in the last two years.

Last month, Ripple received in-principle approval for the Major Payments Institution license from Singapore’s central bank Monetary Authority of Singapore (MAS). Now, the company seeks licenses in the UK and Ireland as it had planned last year.

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Also Read: several analysts predict a massive upcoming rally in the coming weeks. Some even say XRP price can rally to $15 by 2024.

XRP price fell 2% in the last 24 hours, with the price currently trading at $0.77. The 24-hour low and high are $0.76 and $0.80, respectively. Furthermore, the trading volume has decreased by 32% in the last 24 hours.

Also Read: Bloomberg Analyst Weigh In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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