Ripple made a critical move in the UK after its partial victory over the US SEC. It has applied for registration as a crypto asset firm with the UK Financial Conduct Authority (FCA).
Ripple made the critical move
A spokesperson for the firm said in a statement that the payment protocol Ripple made a move recently. He said he has applied for registration as a crypto-asset firm with the UK Financial Conduct Authority (FCA). The company is also seeking a payment license in Ireland as part of its major investment in the region.
The record was filed after Ripple’s partial victory over the United States Securities and Exchange Commission over XRP’s classification as a security. The decision was a win by Ripple and the wider crypto community. Accordingly, he states that the XRP token is a security when sold to institutional investors. However, it states that it is not a security when sold to individual investors. The case is still open to appeal by the SEC.
Making the UK the focal point
In the United States there is a wave of sanctions driven by the SEC. More crypto firms are looking to the UK for regulatory clarity and a supportive business environment. Recently, venture capital firm Andreessen Horowitz (A16z) announced that it has opened its first new non-US office in London, after “months of constructive talks” with policymakers and the FCA. He also cited a “predictable business environment” as the main reason for overseas expansion.
In June, a bill that put cryptocurrencies under the same rules that apply to traditional assets became law after receiving royal assent from King Charles. The new law empowers the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payment Systems Regulator to set and enforce regulations for crypto businesses.
In another recent development, a different situation emerged. Lawmakers in the upper house have discussed drafts of legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illegal purposes. The bill includes provisions that will allow authorities to have more flexibility in confiscating and retrieving crypto assets.
XRP price
As Kriptokoin.com, we immediately looked at the XRP price after this development. When we look at the XRP price, we see that there is a 5% decline today. Accordingly, the above development did not reflect positively on the XRP price.
We saw last week that the main factor affecting the XRP price is the court decision. Accordingly, the price of XRP had reached approximately $ 0.95. However, today XRP is trading at $0.74.
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