Following its partial victory over the U.S. Securities and Exchange Commission (SEC), Ripple, a leading payment protocol, has taken steps to broaden its operations overseas. The company has reportedly submitted an application to the United Kingdom’s Financial Conduct Authority (FCA) to register as a crypto asset firm.
Moreover, Ripple is extending its reach in the European region with a significant investment, which includes an application for a payments license in Ireland.
This decision to extend its services to the UK and Ireland came in the wake of Ripple’s partial victory against the SEC in the U.S. over the classification of its XRP token. The outcome of the case, hailed as a victory by Ripple and the wider crypto community, has deemed XRP as a security when sold to institutional investors. However, this definition does not apply to sales to retail investors. It’s important to note that the SEC still has the option to appeal the decision.