Ripple received permissions that allow it to scale Ripple Payments, its cross-border payment solution that uses digital assets, in the United Kingdom.
The permissions include approval of Ripple’s electronic money institution license and crypto asset registration from the U.K.’s Financial Conduct Authority, the company saeid in a friday (Jan. 9) press release.
ripple Payments enables payout capabilities around the world by managing the flow of funds on behalf of its customers and connecting them to its global payout partners,according to the release.
Becuase Ripple handles the blockchain and operational complexity that supports this service, its business customers can launch digital payment services without having to manage the infrastructure themselves, the release said.
The new license and registration approvals support Ripple’s commitment to the U.K., per the release.
“Extending Ripple’s licensing portfolio and payments solution is about more than just efficiency; it is about unlocking trillions in dormant capital and realizing a world where value moves instantaneously,” Ripple President Monica Long said in the release. “We are thrilled to see the U.K. embracing the compliant infrastructure necessary to make this vision a reality.”
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Cassie Craddock, managing director, U.K. and Europe at Ripple, said in the release that the approvals from the FCA mark “a pivotal moment” for Ripple.
“We have seen in other jurisdictions how regulatory clarity drives adoption, and the U.K. is poised to take advantage,” Craddock said. “The prospect presented by digital assets is colossal, and with our new license, Ripple is ready to help the U.K.’s businesses seize that opportunity.”
Ripple said in December that it was set to expand its payments services in Singapore after the Monetary Authority of Singapore approved an expanded scope of payment activities for the major payment institution license held by its Singapore subsidiary.
In November, the company said that its Ripple USD (RLUSD) stablecoin was positioned for further expansion across the Middle East after receiving approval from Abu Dhabi’s Financial Services Regulatory Authority.
The FSRA’s recognition of RLUSD as an accepted fiat-referenced token enables the stablecoin to be used within ADGM, the international financial center of Abu Dhabi.