Ripple (XRP) is facing the SEC in the US, but that’s not stopping it from seeking new opportunities. The company has applied for a license as a digital asset service provider in the UK, in addition to its plans in Ireland. Find out how Ripple is exploring new horizons despite the challenges.
As Ripple (XRP) continues its tug-of-war with the Securities and Exchange Commission (SEC) in the United States, the company is not sitting idly by. Buoyed by its recent partial victory against the US regulator, Ripple is looking to new regulatory horizons. A company spokesperson confirmed that Ripple has applied to the Financial Conduct Authority (FCA) for a license as a digital asset service provider in the UK.
Ripple is not limited to a single country!
But that’s not all: Ripple is not limited to a single country. In addition to the UK application, the company is also aiming for a license in Ireland, part of a massive regional investment. For the moment, the precise motivations behind these moves have not been publicly disclosed.
It’s important to note that the UK is increasingly attracting players from the cryptocurrency world due to the persistent regulatory limbo in the US. Many crypto companies, including Andreessen Horowitz (a16z), have chosen to locate in the UK to expand their international operations. Coinbase CEO Brian Armstrong has also initiated discussions with UK authorities on industry regulation.
In the context of this new approach, Brad Garlinghouse, CEO of Ripple, did not mince his words against the SEC. He criticized the US regulator’s attitude, claiming that it had itself created problems by proclaiming itself as the guardian of crypto regulation.
Although Ripple experienced a recent vertical rise, propelling the price of XRP to $0.94 a few days ago, the asset has since experienced a slight correction. Currently, XRP trades at just under $0.70, retaining its place among the top five largest cryptocurrency capitalizations.
Despite the challenges it faces, Ripple is therefore continuing on its path, seeking new opportunities in more favorable regulatory territories, in the hope of further developing its footprint in the crypto-market.