Payments network and blockchain technology company Ripple has filed application with Financial Conduct Authority (FCA) for registration as a crypto asset company in the United Kingdom. It has also sought a license in Ireland to operate as a payments company, media reports said.
Ripple’s move to expand to the UK and Ireland comes in the wake of a partial win in its legal battle with the United States SEC. To the question as to whether XRP is a security or not, the court has given a verdict that says XRP is a security when it is sold to institutional investors but it’s not a security when it is sold to retail investors. However, the matter is open to appeals in higher courts and the SEC has hinted that it would likely appeal the verdict.
The UK seems to be emerging as a favorite destination for crypto firms facing strict enforcement actions in the recent months. Recently, the crypto investment arm of prominent venture capital fund Andreessen Horowitz announced to open an office in London, its first office outside the US.
Crypto firms are choosing the UK to set up their offices because of a clear and predictable regulatory environment. The British government headed by Prime Minister Rishi Sunak is viewed as creating a regulated environment for the crypto industry in the country.
