SEC won’t stop company and its plans for growth
- Ripple is seeking a virtual asset service provider license from the Irish regulator in order to expand its operations in Europe.
• When new laws on crypto regulation come into force in the European Union, expected in 2024, Ripple would then be able to “passport” its European license to the rest of the 27 states in the bloc.
• The U.S.-based company is involved in a dispute with the Securities and Exchange Commission that is driving the company to look for business abroad.
• Amid its expansion into Europe, Ripple also sought licensing from the UK regulator this week.
Ripple, the US-based crypto company, is expanding its operations into Europe. The company is seeking a virtual asset service provider license from the Irish regulator. When new laws on crypto regulation come into force in the European Union, expected in 2024, Ripple would then be able to “passport” its European license to the rest of the 27 states in the bloc.
Ripple is involved in a dispute with the Securities and Exchange Commission that is driving the company to look for business abroad. Amid its expansion into Europe, Ripple also sought licensing from the UK regulator this week. Let’s take a closer look at why Ripple is expanding its operations into Europe and what this could mean for the future of crypto regulation.
Why is Ripple Expanding Into Europe?
Ripple is expanding its operations into Europe amid regulatory disputes in the US. The U.S.-based company is involved in a dispute with the Securities and Exchange Commission (SEC) that is driving the company to look for business abroad. The SEC has accused Ripple of conducting an unregistered securities offering of about $1.3 billion through sales of digital assets XRP.
Ripple has denied the allegations, saying that XRP should not be classified as a security. The company has also argued that it did not conduct a securities offering because it did not sell XRP for profit. Amid its expansion into Europe, Ripple also sought licensing from the UK regulator this week. The UK’s Financial Conduct Authority (FCA) said it was “assessing” Ripple’s application but did not provide further comment.
What Does This Mean for Crypto Regulation?
The expansion of Ripple into Europe comes as new laws on crypto regulation are expected to come into force in the European Union in 2024. These laws would require companies like Ripple to have a license in order to operate across the bloc. At present, there is no EU-wide regulatory framework for cryptocurrencies.
However, this may change in the future as more and more companies seek to expand their operations into Europe. This could mean big things for the future of crypto regulation, both in Europe and around the world. Only time will tell how this all plays out but it will be interesting to see what happens next!
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