Cryptocurrency company Ripple is expanding its regulatory footprint after securing authorization from the United Kingdomโs Financial Conduct Authority (FCA).
The FCA granted Rippleโs UK subsidiary, Ripple Markets UK, an Electronic Money Institution (EMI) registration and registered it under the UKโs 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.
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.
โRipple Markets UK will not, without the prior written consent of the authority,โ provide services involving crypto ATMs, โoffer or commence any services to retail clients,โ 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 โconsumer, micro-enterprise or charity,โ the records said.
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The news came shortly after Ripple Labs president Monica Long reiterated that the company will not pursue an initial public offering (IPO) in the near future.
โCurrently, we still plan to remain private,โ said Long, expanding on her comments in November after a fundraise that brought Rippleโs valuation to $40 billion.
Cointelegraph approached Ripple for comment regarding the FCAโs approval, but had not received a response at the time of publication.
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