- Ripple secures FCA approval in the UK to expand its payment services in the country.
- The company has also secured an EMI license and crypto asset registration.
- FCA imposes strict limits as Ripple awaits approval for broader crypto activities.
Ripple has taken a major step forward in strengthening its presence in the UK, one of the most prominent crypto markets in the world. Today, the blockchain platform announced that it secured an EMI license and registration in the UK.
This blockchain-based payment system envisions making cross-border payments easier for users across the world. As part of this vision, the company is expanding its services to multiple nations. With the latest development, Ripple can expand its licensed payments network across the UK.
Ripple Acquires FCA License in the UK
In its latest press release, Ripple announced a major milestone in its vision to expand its presence in the United Kingdom. The company reportedly received an Electronic Money Institution (EMI) license and cryptoasset registration from the UK’s Financial Conduct Authority (FCA).
Ripple can now extend its regulated payment services to the UK’s crypto market. This allows users to use Ripple payments to execute cross-border payments, creating a more efficient and faster medium. Addressing Ripple’s UK expansion milestone, Ripple President Monica Long stated,
“Finance is undergoing a fundamental shift, and we are rapidly moving beyond pilots into a new era where blockchain and digital assets serve as critical infrastructure for the global economy. Extending Ripple’s licensing portfolio and payments solution is about more than just efficiency; it is about unlocking trillions in dormant capital and realising a world where value moves instantaneously. We are thrilled to see the UK embracing the compliant infrastructure necessary to make this vision a reality.”
Deepening Commitment to the UK Market
As highlighted by Ripple, the newly secured license reinforces the company’s long-standing commitment to the UK market. The company sees the country as a crypto-friendly jurisdiction. “The UK has a well-deserved reputation for high regulatory standards,” stated Cassie Craddock, Managing Director, UK & Europe at Ripple. Craddock added,
The FCA’s rigorous approach to compliance mirrors Ripple’s commitment to adhering to regulations. Securing approvals from the FCA is a pivotal moment for Ripple, enabling us to provide essential digital assets infrastructure to UK businesses. We have seen in other jurisdictions how regulatory clarity drives adoption, and the UK is poised to take advantage. The opportunity presented by digital assets is colossal and with our new licence, Ripple is ready to help the UK’s businesses seize that opportunity.”
Ripple’s largest office outside the US is in London, and the company has steadily invested in the UK blockchain space. The platform has also funded UK-based startups and developers.
The platform has also taken the initiative to educate crypto enthusiasts in the country through its University Blockchain Research Initiative (UBRI). Ripple has invested about £5 million in UK universities through UBRI.
These licenses indicate that Ripple is now compliant with the UK’s governance requirements, including anti-money laundering laws. However, despite receiving the license, Ripple will be operating in the country under strict limitations.
At present, Ripple will not be allowed to operate crypto ATMs. The company will also be prohibited from serving retail customers and appointing agents or distributors without prior approval from regulators.
In addition, Ripple faces restrictions on its e-money services. As of now, the FCA does not allow Ripple to issue electronic money or offer payment services to consumers or other entities. Thus, the company’s UK expansion strictly focuses on institutional and wholesale clients until further regulatory developments.
