Ripple is setting its sights on expansion in the UK and Europe following a favorable court ruling in the US against the Securities and Exchange Commission (SEC). The company’s European Managing Director, Sendi Young, revealed that Ripple has recently applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority and for a payment institution license in Ireland.
The strategic move comes after a US judge ruled on July 13 that Ripple’s sales of cryptocurrency XRP do not constitute investment contracts. This decision led to a 60% increase in the token’s value within a week. Investors have interpreted the ruling as an indication that crypto may not be subject to traditional regulations for trading stocks and bonds.
Ripple’s growth plans: Beyond the US market
Despite the significant win in the US, Ripple’s growth plans extend beyond the American market. Young stated, “We haven’t turned around and said, ‘Let’s stop hiring in the UK.’ Our strategy and growth plans are intact and in place.” Ripple is investing heavily in the region, with the expectation of exponential growth.
Over the past 18 months, Ripple has increased its UK and European employees by about 75%, with over 100 of its approximately 900 global employees based in its offices in London, Dublin, and Reykjavik, Iceland. Young did not provide a numerical target for Ripple’s growth plans in the UK and Europe but confirmed that the firm was still increasing its headcount and hiring for more than mission-critical roles.
Ripple is determined to increase its footprint in the UK and Europe, as these areas are proving to be prominent players in the crypto industry. Notably, the UK government has taken a firm stance in differentiating cryptocurrency from gambling and has dismissed any suggestions of regulating it as such.
In addition, the Digital Sandbox launched in February this year will also provide a safe environment for blockchain companies to foster innovation. As Ripple is working hard to establish its presence in the U.K. and Ireland, the Financial Conduct Authority of the U.K. is creating responsible regulations for crypto companies and ensuring compliance.