After achieving a major legal victory against the US Securities and Exchange Commission (SEC), Ripple, the blockchain payments company, is now focusing on its expansion plans in Europe.
Ripple move to Apply for registration With the Financial Conduct Authority (FCA) and seeking a Payment Institution License in Ireland underscores the company’s commitment to responsibly navigating and embracing the regulatory landscape.
Recently, a US judge ruled in favor of Ripple, stating that the company’s sales of the XRP cryptocurrency do not qualify as investment contracts. This was a huge legal success for Ripple.
Legal victory ignites XRP spark
This historic decision sparked a staggering 60% surge in the value of XRP in a week, showing that cryptocurrencies may not be subject to the same regulatory framework as traditional securities.
XRP price flashing red in the weekend chart. Source: CoinMarketCap
However, at the time of writing, XRP has slipped into the red, trading at $0.738, down 4.15% in the past 24 hours. On the weekly time frame, the coin experienced a slight decrease of 0.93%.
The company intends to register as a crypto asset company with the UK’s FCA and apply for a payment institution license in Ireland, according to Sendi Young, Managing Director UK and Europe.
XRP nearing the $39 billion market cap on the weekend chart: TradingView.com
Ripple: Setting sights on Europe
Given the UK government’s progressive approach to regulating cryptocurrencies, the company’s strategic focus on the European region is not surprising.
Despite ongoing regulatory hurdles in the US, Ripple remains dedicated to expanding its operations in the UK and Europe. Young emphasized that the company’s growth plans remain sound in the region, and recruitment efforts are under way to fill important positions.
Unlike some countries, the UK has distinguished itself by classifying cryptocurrencies as distinct from gambling and demonstrating its willingness to develop responsible and compliant regulations for the cryptocurrency industry.
Ripple is cementing its position as a prominent player in the booming cryptocurrency industry in the region, with over a hundred of its 900 employees based in offices in London, Dublin and Reykjavik, Iceland.
effective organizational strategies
Although Ripple’s global center remains in the United States, most of the company’s expansion has occurred outside the country over the past two years. Its presence extends to more than 15 offices worldwide and delivers innovative encryption solutions in more than 50 countries, including Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).
As Ripple seeks to strengthen its foothold in the UK and Ireland, the regulatory support and favorable environment provided by the FCA and other institutions plays a pivotal role in driving the company’s expansion strategy.
Featured image via TelecomTV