Due to its continuing legal dispute with the US Securities and Exchange Commission, which is accusing the business of breaking securities law by selling the XRP coin, Ripple has moved its focus to nations outside the US. Before Ripple requested for a digital currency license in Ireland, the business had previously partnered with organizations in Sweden and France.
Despite having many workers in the United States, Alderoty told CNBC that the company's clients and income are essentially all generated elsewhere. According to Alderoty, once the exchange receives this Irish license, Ripple aims to passport its operations throughout Europe. Additionally, it will submit a request for an electronic currency license in Ireland.
Due to the EU's strides in industry regulation, cryptocurrency companies have been choosing to enter the market. The Markets in Crypto Assets (MiCA) law, which covers a wide range of topics and aims to create a licensing system that would let businesses operate across all 27 of the EU's member states, will be voted on in February.