SAN FRANCISCO—Ripple, a blockchain-based digital payment network, has taken a major stride towards expanding its global reach by applying for registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA), according to a new report.
Additionally, the company is seeking a payments license in Ireland, reaffirming its commitment to investing in the region, the news outlet added.
“This move follows a recent win for Ripple in its legal battle against the United States Securities and Exchange Commission (SEC) concerning classifying its XRP token as a security. The legal victory against the SEC has boosted Ripple’s confidence and regulatory standing, allowing the company to take bold steps toward global expansion,” CryptoTvplus reported.
The Determination
The court ruling determined that the XRP token should be classified as a security when sold to institutional investors but not when sold to retail investors. Although the SEC can still appeal the decision, Ripple’s victory has bolstered its prospects and regulatory standing, CryptoTvplus explained.
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