Europe is a world leader in crypto regulation. The European Union has already adopted the Markets In Crypto-Assets (MiCA) regulation, which will govern crypto in the EU’s 27 countries starting late 2024. The UK is also courting the crypto industry. For example, The Financial Services and Markets Bill is working its way through Parliament, and the Treasury, reports IrishTechNews in a guest post by Kadan Stadelmann, blockchain developer, operations security expert and Komodo Platform’s chief technology officer.
It’s not only Europe which is working on thoughtful crypto regulation. All over the world regulators are developing frameworks so that companies can comfortably operate there. The UAE has telegraphed its intentions of becoming a global crypto hub with each of its three regulators having developed regulatory frameworks for crypto.
Australia’s Treasury is developing a crypto licensing framework, while Canada opened a Pre-Registration Undertaking (PRU) for which companies can sign up. Hong Kong’s crypto regulator began accepting license applications for crypto exchanges in June 2023 and Japan intends to create a crypto conducive environment. The Prime Minister included Web3 as part of his administration’s “new capitalism” economic policy.
US based firms recognise that jurisdictions other than the United States offer them not only safer operating environments but also more efficient paths to innovation. Therefore, they are spearheading far-reaching international efforts.
Ripple, the global payment solutions provider, has an ambitious international expansion strategy, with the United Kingdom and Ireland as key markets in its sights. The Monetary Authority of Singapore (MAS) granted Ripple a license under the Payment Services Act, acknowledging Ripple’s commitment to stringent regulatory requirements.
Following its acquisition of a major regulatory license in Singapore, the company’s decision to target the UK and Ireland comes as no surprise, considering their status as two of Europe’s largest financial hubs.
Ripple’s decision to target Ireland stems from the country’s favourable business environment, robust fintech ecosystem, and increasing demand for innovative payment solutions. Ireland’s position as a gateway to Europe makes it an attractive destination for Ripple’s expansion plans.
Ireland boasts a highly educated workforce and has become a hub for technology companies. Additionally, Ireland’s regulatory framework supports blockchain technology adoption, creating an ideal environment for Ripple’s services. By establishing operations in Ireland, Ripple intends to collaborate with local financial institutions and leverage their existing infrastructure to facilitate faster cross-border transactions using blockchain technology.