Ripple wants to be licensed in the UK Ripple is aiming to ge | Global CRYPTO News
Ripple wants to be licensed in the UK
Ripple is aiming to get into the registry of UK cryptocurrency companies.
Sandy Yang, Ripple's European managing director, told DL News that she "very recently" applied to register as a cryptocurrency asset firm with the UK Financial Conduct Authority and to be licensed as a payment institution in Ireland.
Ripple rises in price after a US judge ruled on July 13 that sales of the XRP cryptocurrency are not investment contracts, which increased the value of the token by about 60%.
Investors took this decision as a sign that the cryptocurrency may not fall under the traditional rules for trading stocks and bonds.
Yang said the decision was "a huge win" and "positive for [the company's] growth in the US."
She added: "We didn't turn our backs and say, 'Let's stop hiring in the UK.' Our strategy and growth plans are unchanged and working.
“We are in the process of applying to register our crypto assets in the UK and license payments in Ireland. All of this is a massive investment with the goal of further exponential growth in this region.”
Ripple has increased its UK and European workforce by around 75% over the past 18 months and now has more than 100 employees in its offices in London, Dublin and Reykjavik.
“I am very excited to see the momentum… The UK is starting to deliver on its promises and is trying to become an investment hub for the crypto space.”
Ripple CEO Brad Garlinghouse has previously threatened to move the business outside of the US if the SEC lawsuit is not resolved in the company's favor.
In 2020, he suggested that the firm move to the UK.
“We made significant investments long before the SEC filed the lawsuit, because we are looking at demand, we are looking at opportunities, and APAC is a very strong market, EMEA is obviously a very strong market. Our growth around the world will continue.”
