Ripple, the company behind XRP and a blockchain-based cross-border payment network, achieved a regulatory license from the Financial Conduct Authority (FCA) of the UK to conduct certain crypto-related activities.
Ripple executives announced on Friday that its UK subsidiary — Ripple Markets UK Ltd. — received the registration known as Electronic Money Institution (EMI) license and Crypto Asset Registration from the regulatory authority to advance its crypto-related payments platform. Ripple received the license under the FCA’s money laundering regulations.
Monica Long, President at Ripple, said that finance is going through a fundamental shift, and Ripple is exponentially moving to a new era where “blockchain and digital assets serve as critical infrastructure for the global economy.”
She further added that expanding Ripple’s licensing portfolio and payments solutions is not just about making transactions very efficient. It is beyond the firm’s ambition to move the money that is dormant in the global financial system. That said, Ripple intends to create a world where “value moves instantaneously.”
Ripple expands its blockchain strides
Ripple has been actively making moves in the crypto industry, specifically following the end of the firm’s legal battle with the Securities and Exchange Commission (SEC). Recently, Amazon Web Services (AWS) and Ripple have planned to explore using Amazon Bedrock for XRP Ledger, the decentralized blockchain of Ripple.
Comments have flooded over the news on X, one of the social media platforms where the crypto community usually gathers. SMQKE, an observer and researcher, wrote: “Nearly 90% of crypto firms fail UK FCA registration. Meanwhile, Ripple just obtained FCA registration.” Another real estate investor, Mr. Man, opined that Ripple is the internet of value, and it is here for the long haul.
