Ripple, a cross-border payments network using blockchain and cryptocurrencies, won regulatory approval in the U.K., allowing it to carry out certain crypto-related activities in the country.
The company’s U.K. subsidiary, Ripple Markets UK Ltd., secured registration with the Financial Conduct Authority (FCA) under the country’s money laundering regulations, according to an update to the regulator’s registry on Friday.
Appearing on the register means Ripple complies with money laundering and counter-terrorist financing rules, though the approval stops short of full financial services authorization.
The move marks an important step for Ripple as it expands its footprint in regulated markets. It comes as the U.K. seeks to position itself as a global crypto hub, with policymakers working to integrate digital assets into the existing regulatory framework.
The Ripple-linked XRP$2.0939 token fell 1.4% to $2.09 since midnight UTC.