Payments protocol Ripple recently applied for registration as a crypto asset firm with the Financial Conduct Authority (FCA) of the United Kingdom, a spokesperson for the firm told Cointelegraph. The company is also seeking a payments license in Ireland as part of its larger investment in the region.

The registration was filed following Ripple’s partial victory against the United States Securities and Exchange Commission over the classification of its XRP (XRP) token as a security. The decision, seen as a victory for Ripple and the wider crypto community, deemed the XRP token a security when sold to institutional investors, but not retail investors. The case is still open to appeal by the SEC.

XRP is not a security.

win it for @ripple This is a win for the entire industry and a step towards regulatory clarity in the US

many thanks to @bgarlinghouse, @chrislarsensfAnd @s_alderoty for his leadership and #XRPcommunity for their continued support.

— Ripple (@Ripple) 13 July 2023

More crypto companies are looking to the United Kingdom for regulatory clarity and a supportive business environment amid a wave of enforcement actions by the SEC in the United States.

Recently, venture capital firm Andreessen Horowitz (A16Z) announced its first new office outside the US in London, after “months of constructive talks” with policymakers and the FCA, and citing the “predictable business climate” as a key reason for expanding overseas.

A number of laws have been introduced in the British Parliament with the aim of establishing a crypto-regulated environment in the UK. In June, a bill bringing cryptocurrencies under the same rules as those applied to traditional assets was signed into law after receiving royal assent from King Charles. The new law empowers the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payment Systems Regulator to frame and enforce rules for crypto businesses.

In another recent development, lawmakers in the upper house discussed a draft law to expand the authorities’ ability to target cryptocurrencies used for illegal purposes. The bill includes provisions for greater flexibility for authorities to seize and recover crypto assets.

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