Ripple is on track to obtain an Australian financial license and further expand its international presence.
Ripple – the company behind one of the world’s leading cryptocurrencies, XRP, has announced plans to secure an Australian financial services license.
The move aims to further enable the company to expand its payments offering in the country and enable financial institutions, fintech businesses and enterprises to move value across borders more efficiently and quickly while operating within the established framework.
Fiona Murray, CEO of Ripple in the Asia-Pacific region, said:
“Licensing is fundamental to Ripple’s strategy and ensures that we can provide safe and appropriate solutions to customers around the world. (…) Australia is a key market for Ripple and AFSL strengthens our ability to expand Ripple payments throughout the region. Using blockchain technology and digital assets, we enable customers to process value in a faster and more transparent way around the world. Regulators to support the next phase of digital asset infrastructure development.
Ripple plan on AFSL
The objective is to obtain the license through the acquisition of BC Payments Australia Pty Ltd., subject to the completion of the standard completion process. The move will reportedly strengthen Ripple’s capabilities to provide a licensed platform for worldwide remittances.
After receiving the license, it allows the company to manage the entire cycle of transactions – from onboarding and compliance through funding, forex, liquidity management, as well as final payment.
In addition, Ripple can directly monitor settlements, connect customers to local payment partners and optimize transaction routing, resulting in faster settlements, greater transparency and reduced counterparty risk, according to the official blog.
International licensing is ongoing
Acquiring an Australian financial services license would be just the latest in a series of similar moves for Ripple, which is apparently looking for an international license. As Crypto potato Earlier this year, it was reported that the company obtained a preliminary license for an electronic money institution in Luxembourg, which will allow it to offer digital cash and digital payment services within the regulated territories of the CSSF (Commission de Surveillance du Secteur Financier in Luxembourg).
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With this, the US-based company is now licensed in several territories, including the United Arab Emirates, Singapore, Ireland, New York, Japan, and more.
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