Ripple Seeks Australian Financial License via Acquisition

Crypto company Ripple announced its intention to acquire BC Payments Australia, a corporate entity linked to the European Banking Circle Group, in order to obtain the Australian Financial Services License (AFSL). This license is becoming mandatory for certain crypto firms operating in the country. The acquisition is expected to close on April 1, according to Ripple APAC managing director Fiona Murray, who cited significant institutional interest in digital assets as the driver for the investment.

Securing the AFSL is part of Ripple's ongoing strategy to expand its international regulatory compliance, following recent license acquisitions in Singapore, the UAE, and the UK, as well as conditional approval for a US trust banking charter. With the AFSL, Ripple Payments will be able to manage the entire transaction lifecycle, integrating traditional banking rails with digital assets. This move occurs as Australia advances its Digital Asset Framework bill and the regulator, ASIC, pushes for crypto trading platforms to obtain AFSLs.

Murray expressed hope that obtaining the AFSL will help resolve the ongoing issue of 'crypto debanking' in Australia, where major banks have imposed restrictions on customer deposits to crypto exchanges. Other industry figures, like OKX Australia CEO Kate Cooper, confirmed that these banking barriers remain a significant challenge to adoption.

(Source：Cointelegraph)