Breaking: Ripple Now Sets Its Sight On UK Cryptocurrency Registration
Ripple, a giant in the crypto exchange sector, is making efforts to secure registration within the market of the United Kingdom. This move has been fueled by the recent court ruling in the platform’s lawsuit against the United States Securities and Exchange Commission (SEC). In this respect, the court’s ruling was considerably favorable for the platform.
Ripple Focuses on Securing a Crypto License in the UK Following a Favorable Court Ruling in the US
Sendi Young, the European Managing Director of the well-known crypto exchange, recently commented on this while appearing in an interview. Young mentioned that the firm has recently filed a registration application with the Financial Conduct Authority of the United Kingdom to play operate as a platform dealing with crypto assets.
In addition to this, Young added that the company has also submitted a similar application to get a license in the jurisdiction of Ireland. This development is witnessed after the court ruling that was made on the 13th of July. In that ruling, the US court presiding over the lawsuit between the SEC and Ripple said that the XRP sales of the crypto exchange do not come in the category of investment contracts.
The respective decision has paved the way for a considerable rise in the price of XRP (the native token of Ripple). The token has witnessed an increase of up to sixty percent just in one week after the court ruling. Moreover, according to some investors, this ruling indicates that the regulations applied on conventional bonds and stock trading may not be fit for crypto assets.
Apart from that, Young has pointed out that the ruling plays the role of an important triumph for the crypto exchange and it would assist in its advancement in the United States. Nevertheless, the executive also stressed that the growth strategy of Ripple in the United Kingdom has now been affected by the current ruling. As per the reports, irrespective of the optimistic ruling in the United States, the legal fight with the US regulator has not come to an end.
Brad Garlinghouse, the chief executive officer of Ripple, has formerly suggested that the company could enter the UK market if the lawsuit against the SEC does not settle in the favor of the firm. Furthermore, Young asserted that the status of Ripple as a worldwide hub in the United States is still unchanged.
Ripple Has Made More Growth Outside the United States after Facing the SEC Lawsuit
Nevertheless, most of the expansion of the platform has taken place external to the United States since the commencement of the SEC lawsuit. The executive moved on to say that the crypto exchange has made huge investments in diverse regions because of the opportunities and demands, with EMEA and APAC being specifically resilient markets. Young thinks that Ripple’s growth around the world will keep on going forward.
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