Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 – Coins.fr
Legal disputes have forced Ripple to expand outside the US, where the firm now earns most of its revenue. European target for an XRP issuer with licenses in the UK and Ireland.
It will soon be two years since Ripple was the subject of legal action in the United States following an SEC complaint. A stock market cop accuses him of issuing an unregistered XRP security.
These events have affected the geographic distribution of Ripple’s activities. Stuart Alderothy, legal director of the blockchain company, told CNBC.
European expansion from Ireland
While Ripple retains most of its employees in the United States, it is well outside of its home market, where it now has most of its customers and its revenue.
And the firm intends to follow this strategy based on international growth. Thus, Ripple wants to increase its presence in Europe, a particularly dynamic market for the crypto asset industry.
To orchestrate this expansion, Alderoti says Ripple will very soon apply to the central bank of Ireland to become a provider of virtual assets. Thus, Ireland will become the starting base for the rest of Europe.
With a registration similar to PSAN in a country where there are currently only two employees, Ripple will be able to offer its services in the rest of the EU.
MiCA is a good start for crypto regulation
Ripple already exists in the United Kingdom, a major financial center. Among more than 750 employees of the American company, about 60 employees work in the office in London.
However, about 50% of its workforce remains in the United States. Their future will undoubtedly depend in part on the outcome of justice. The legal director expects a decision in the first half of 2022.
Meanwhile, Ripple is interested in regulatory changes in Europe. Stuart Alderoti describes MiCA as “a very good start”. Get started because there are no specific rules yet for some crypto assets and activities, including NFTs and DeFi.
As far as legislation in the UK is concerned, it is still a work in progress. It should guarantee the protection of investors while facilitating the creation of a crypto hub in the country. Ripple recently published a series of proposals.
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