{"id":8604,"date":"2023-07-23T11:36:57","date_gmt":"2023-07-23T15:36:57","guid":{"rendered":"http:\/\/leadingcryptonews.com\/ripple-applies-for-crypto-license-in-the-united-kingdom\/"},"modified":"2023-07-23T11:36:57","modified_gmt":"2023-07-23T15:36:57","slug":"ripple-applies-for-crypto-license-in-the-united-kingdom","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/ripple-applies-for-crypto-license-in-the-united-kingdom\/","title":{"rendered":"Ripple applies for crypto license in the United Kingdom"},"content":{"rendered":"


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Payments network and technology company Ripple has recently applied for registration as a crypto asset firm with the United Kingdom\u2019s Financial Conduct Authority (FCA), a spokesperson for the firm told Cointelegraph. The company also seeks a payments license in Ireland as part of its massive regional investment.<\/p>\n

The registration was submitted after Ripple\u2019s partial win against the United States Securities and Exchange Commission (SEC) over the classification of its XRP (XRP) token as a security. The decision, viewed as a win by Ripple and the broader crypto community, considered the XRP token a security when sold to institutional investors but not retail investors. The case\u00a0is still open to appeal by the SEC. <\/p>\n

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XRP is not a security.<\/p>\n

This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.<\/p>\n

A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.<\/p>\n

\u2014 Ripple (@Ripple) July 13, 2023<\/p><\/blockquote>\n

More crypto firms are looking to the U.K. for regulatory clarity and a supportive business environment amid a wave of enforcement actions by the SEC in the United States. <\/p>\n

Recently, venture capital firm Andreessen Horowitz (A16z)\u00a0announced its first new office outside the U.S. in London, following \u201cmonths of constructive conversations\u201d with policymakers and the FCA, citing a \u201cpredictable business environment\u201d as a key reason for expanding overseas.<\/p>\n

Several laws have been introduced in the U.K. parliament aimed at setting up a crypto-regulated environment in the country. In June, a bill\u00a0bringing cryptocurrencies under the same rules applied to traditional assets was signed into law after receiving royal assent.\u00a0The new law gives the U.K. Treasury, the FCA, the Bank of England and the Payments Systems Regulator the authority to introduce and enforce regulations for crypto businesses.<\/p>\n

In another recent development, lawmakers discussed drafts of legislation seeking to expand authorities\u2019 ability to target cryptocurrencies used for illicit purposes. The bill includes provisions for authorities\u00a0to have greater flexibility in confiscating and recovering crypto assets.<\/p>\n

Magazine: Crypto regulation \u2014 Does SEC Chair Gary Gensler have the final say?<\/strong><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Payments network and technology company Ripple has recently applied for registration as a crypto asset firm with the United Kingdom\u2019s Financial Conduct Authority (FCA), a spokesperson for the firm told Cointelegraph. The company also seeks a payments license in Ireland as part of its massive regional investment. 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