Ripple Requests Crypto License in UK After SEC Partial Win

Jul 23, 2023

By Ruholamin Haqshanas | @ruholamin-haqshanas

Blockchain-based digital payment network Ripple has applied for a crypto license in the UK and Ireland after its partial win against the US Securities and Exchange Commission.

Sendi Young, Ripple's managing director for the UK & Europe, has revealed that the company “very recently” applied for crypto asset firm registration with the UK's FCA, along with a payment institution license in Ireland.

The move came after a US court ruled in favor of Ripple in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract. 

The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”

However, the federal judge also ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.

Young claimed the decision was a “huge win” and “positive for [the company’s] growth in the US.”

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