Update (Jan. 12, 7:00 am UTC): This article has been updated to add a statement from Ripple.
Cryptocurrency company Ripple is expanding its regulatory footprint after securing authorization from the United Kingdom’s Financial Conduct Authority (FCA).
The FCA granted Ripple’s UK subsidiary, Ripple Markets UK, an Electronic Money Institution (EMI) registration and registered it under the UK’s Money Laundering Regulations (MLRs), according to official records.
The EMI license allows companies to provide payment services and issue electronic money, a move that could potentially impact Ripple as it issues its stablecoin, Ripple USD (RLUSD).
The approval came as the FCA set a timeline for its new crypto licensing regime, requiring MLR-registered firms to apply for full authorization under the Financial Services and Markets Act (FSMA) by October 2027.
Ripple’s deep commitment to the UK
“The UK has a well-deserved reputation for high regulatory standards,” Cassie Craddock, Ripple’s managing director for the UK and Europe, said in a statement shared with Cointelegraph.
Craddock pointed to the Financial Conduct Authority’s rigorous approach to compliance, saying it closely aligns with Ripple’s own commitment to operating within clear regulatory frameworks.
“Ripple is ready to help UK institutions seize the huge opportunity presented by blockchain: driving efficiencies, lowering costs, and reinforcing the UK’s status as a leading global innovation hub,” Craddock noted in a post on X on Friday.
Ripple president Monica Long emphasized that extending Ripple’s licensing portfolio and payments solution is about “more than just efficiency.”
“It is about unlocking trillions in dormant capital and realising a world where value moves instantaneously,” she said.
Certain Ripple products may require further FCA approval
Although Ripple Markets UK is now approved as an EMI and registered under the MLRs, it remains subject to restrictions pending further FCA approval.
“Ripple Markets UK will not, without the prior written consent of the authority,” provide services involving crypto ATMs, “offer or commence any services to retail clients,” or appoint any agents or distributors, according to FCA records.
Additionally, the company is barred from issuing electronic money, or providing payment services to a “consumer, micro-enterprise or charity,” the records said.
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The news came shortly after Ripple president Long reiterated that the company will not pursue an initial public offering (IPO) in the near future.
“Currently, we still plan to remain private,” said Long, expanding on her comments in November after a fundraise that brought Ripple’s valuation to $40 billion.
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