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Brad Garlinghouse, the company’s CEO, says he went to London in September and told the agency that the Financial Conduct Authority doesn’t consider XRP a safety. He noted that other regions have made similar claims.
“What you see in the UK is a clear taxonomy and the UK FCA has taken a leadership role in defining how we should think about these different assets and their use cases,” Garlinghouse said.
A “safe” designation could subject XRP to new and stringent regulations.
In addition to Britain, Garlinghouse also indicated that Singapore, Switzerland, the United Arab Emirates and Japan were vying for a possible international FinTech transfer.
The news comes when Chris Larsen, Ripple’s executive chairman, raised the possibility that his company could leave the United States if the nation’s digital currency rules aren’t renewed.
Larsen told the LA Blockchain Summit in early October that he is considering moving to Britain or Singapore.
Ripple is currently in the midst of legal troubles with the Securities and Exchange Commission (SEC) and investors over the security status of the XRP cryptocurrency.
Ripple oversees a sizable amount of XRP, but the company says its network is decentralized like its competitors ethereum or bitcoin.
In early October, Ripple unveiled a beta offering of Line of Credit which, it claims, allows FinTech clients to leverage XRP cryptocurrency to send international payments. At the moment, it has been noted that the service is not yet available for private individuals.
“With a Ripple line of credit, your financial institution can use XRP to complete instant, low-cost cross-border transfers,” the company said in its announcement. “We allow you to lock a fee at checkout, then refund us when it’s convenient for you, for a small fee.”
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NEW PYMNTS DATA: HOW WE BUY – SEPTEMBER 2020
The How We Shop report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research is based on a series of studies conducted since March, which examined over 16,000 consumers on how their shopping habits and payment preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their growing appetite for online commerce and touchless digital methods, such as QR codes, contactless cards, and digital wallets, is poised to shape the post-pandemic economy.
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