Ripple Targets UK, Ireland For Next Service Expansion

Hot on the heels of approval in Singapore, Ripple now sets its sights on the UK and Ireland.

Ripple Targets UK, Ireland For Next Service Expansion

Ripple is poised to extend its reach to the United Kingdom and Ireland. This move comes on the heels of its recent triumph in a significant lawsuit initiated by the US Securities and Exchange Commission (SEC).

The company has lodged an application with the Financial Conduct Authority (FCA) in the UK for a crypto asset firm license. Furthermore, it is actively pursuing a payment institution license in Ireland, Ripple's European Managing Director, Sendi Young, disclosed to DL News in a recent article.

Regulatory Hurdles

In Ireland, the approval of payment institutions falls under the jurisdiction of the nation's central bank. The central bank's leader, however, expressed skepticism about "unbacked crypto" as recently as May.

The Bank of Ireland's Governor, Gabriel Makhlouf, issued a cautionary note in a blog post in May, stating that the so-called benefits of unbacked crypto should be received with a good deal of skepticism, likening the acquisition of such products to buying a lottery ticket.

Ripple And XRP: Separate Entities

Ripple, which is associated with the cryptocurrency XRP, might face this skepticism as a potential obstacle. However, Ripple maintains that its payment solutions and XRP operate independently of each other.

RippleNet, an enterprise blockchain network developed by Ripple, is utilized by several banking institutions, including Santander and the Canadian Imperial Bank of Commerce.

In addition to its plans for Europe, Ripple's expansion is gaining traction in other parts of the world too. In June, Singapore sanctioned Ripple's proposition to offer crypto and payment services within the Southeast Asian city-state.

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