Written by Hazel J. Greene, Senior Analyst

After a significant legal triumph against the US Securities and Exchange Commission (SEC), Ripple, the blockchain payments firm, is now turning its attention to expanding its presence in Europe. Ripple’s recent move to pursue registration with the Financial Conduct Authority (FCA) and apply for a payment institution license in Ireland showcases the company’s commitment to navigating and embracing regulatory oversight responsibly.

The recent ruling in favor of Ripple by a US judge, stating that the company’s sales of the cryptocurrency XRP do not qualify as investment contracts, marked a crucial legal success. This decision had a profound impact on XRP, with its value surging by an astonishing 60% within a week. It highlighted the possibility that cryptocurrencies may not be subject to the same regulatory framework as traditional securities.

At the time of writing, XRP has experienced a slight decline, currently trading at $0.738, down 4.15% within the last 24 hours. On a weekly basis, the token has seen a minor decline of 0.93%.

Ripple’s strategic focus on the European region, including the company’s intention to register as a crypto asset firm with the FCA and apply for a payment institution license in Ireland, aligns with the progressive approach of the UK government towards cryptocurrency regulation. Despite facing regulatory obstacles in the US, Ripple remains dedicated to extending its operations in the UK and Europe. Efforts to hire key positions are already underway to support the company’s growth plans in the region.

Distinguishing itself from some other countries, the UK categorizes cryptocurrencies separately from gambling, displaying its commitment to develop responsible and compliant regulations for the crypto industry. Ripple, with over 100 of its approximately 900 employees stationed in London, Dublin, and Reykjavik, Iceland, is solidifying its position as a significant player in Europe’s thriving crypto industry.

While Ripple’s global hub remains in the US, the majority of the company’s expansion has taken place outside the country in the past two years. With a presence in over 15 offices worldwide and delivering innovative crypto solutions to more than 50 countries, including Asia Pacific (APAC) and Europe, Middle East, and Africa (EMEA), Ripple is actively strengthening its foothold in the UK and Ireland.

The support and conducive regulatory environment provided by the FCA and other institutions play a crucial role in Ripple’s expansion strategy. By working hand-in-hand with regulatory bodies, Ripple aims to foster responsible growth and compliance, cementing its position as a leader in the global blockchain payments industry.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.