Ripple expands UK operations after receiving FCA EMI approval
Ripple is expanding its presence in the United Kingdom after receiving authorization from the UK Financial Conduct Authority (FCA).
Ripple’s British subsidiary, Ripple Markets UK, has received FCA approval to register as an Electronic Money Institution (EMI) and has been registered under the UK’s Anti-Money Laundering Regulations (MLR).
The approval comes after the FCA set deadlines for its new crypto licensing regime, requiring companies registered under the MLR to apply for full authorization under the Financial Services and Markets Act (FSMA) by October 2027.
An EMI license allows companies to provide payment services and issue electronic money, which could potentially impact Ripple’s issuance of its Ripple USD (RLUSD) stablecoin. However, some Ripple products may require additional FCA approval.
Additional permissions required for retail operations
According to Cointelegraph, FCA documents state that “Ripple Markets UK will not, without the prior written consent of the Authority,” provide services related to crypto ATMs, “offer or commence any services to retail customers,” or appoint any agents or distributors.
In addition, the company is prohibited from issuing electronic money or providing payment services to “consumers, microenterprises, or charities,” according to the documents.
As we wrote, Ripple to stay private as funding and acquisitions fuel growth
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