Ripple Gains UK Regulatory Approval Via Local Arm
Ripple's UK subsidiary, Ripple Markets UK, secured an Electronic Money Institution registration from the UK's FCA.Summary
Cryptocurrency company Ripple has expanded its regulatory presence in the UK after its local subsidiary, Ripple Markets UK, was granted an Electronic Money Institution (EMI) registration and registered under the UK’s Money Laundering Regulations (MLRs) by the Financial Conduct Authority (FCA).
The EMI license permits the company to offer payment services and issue electronic money, which is significant as Ripple prepares to issue its stablecoin, Ripple USD (RLUSD). However, the approval comes with restrictions; Ripple Markets UK cannot offer services involving crypto ATMs, serve retail clients, or appoint agents or distributors without prior written consent from the FCA. Furthermore, it is currently barred from issuing electronic money or providing payment services to consumers, micro-enterprises, or charities.
This regulatory development follows recent comments from Ripple Labs president Monica Long, who confirmed the company currently plans to remain private and will not pursue an Initial Public Offering (IPO) soon.
(Source：Cointelegraph)