After achieving a partial victory against the U.S. SEC, Ripple applied to register as a crypto asset business with the Financial Conduct Authority (FCA) in the United Kingdom.
Methods of Exchange A representative for Ripple informed Cointelegraph that the company has just sought registration as a crypto asset business with the United Kingdom’s Financial Conduct Authority (FCA). As part of the company’s extensive expansion into Ireland, it is looking to get a payments licence in the country.
Ripple filed the registration after it partially won a fight with the U.S. Securities and Exchange Commission over whether or not the XRP coin could be considered a security. The ruling found that the XRP coin was a security when offered to institutional investors but not to retail investors, which was seen as a victory for Ripple and the cryptocurrency community as a whole. The SEC may file an appeal of this decision.
After “months of constructive conversations” with politicians and the FCA, the American venture capital company Andreessen Horowitz (A16z) recently announced the opening of its first international office in London. The firm cited a “predictable business environment” as a primary factor in its decision to expand internationally.
To create a crypto-regulated environment in the United Kingdom, many bills have been submitted to the British parliament. In June, a measure getting royal assent brought cryptocurrency under the same regulations as ordinary assets.
Another recent event included a draft of legislation in the upper chamber that would provide law enforcement with greater authority to go after criminals who utilise cryptocurrency. Provisions in the measure would provide police more leeway when seizing and recouping cryptocurrency.
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