thecoinrepublic.com
Key Insights:
- XRP price jumped by over 1% to $2.11.
- It happened as Ripple subsidiary Ripple Markets UK Ltd wins FCA approval.
- UK FCA requires crypto firms to obtain FSMA registration, with applications opening in September.
XRP price jumped by over 1% after Ripple, a crypto payments giant, received regulatory approval from the UK’s Financial Conduct Authority (FCA). This development means Ripple’s UK subsidiary can now offer crypto-related services in the country.
Ripple Receives Regulatory Approval from UK FCA
Ripple Markets UK Ltd, Ripple’s UK subsidiary, has secured registration with the Financial Conduct Authority. This allows Ripple to offer regulated payment services.
It shows Ripple meets the UK’s anti-money laundering and counter-terrorism financing standards. However, the company still needs approval to offer all types of financial services.
The UK is working to include digital assets in its financial system, and this approval is an important step. The FCA’s decision helps create a clearer path for crypto market growth in the region.
Ripple, which focuses on cross-border payments, has now received Electronic Money Institution authorization from the FCA. With this approval, Ripple can now provide e-money and payment services under FCA oversight. It is critical for efficient payments and staying compliant in a key financial market.
Now that it has this authorization, Ripple plans to improve its regulated payment systems in the UK. The company also wants to build stronger partnerships with banks, payment providers, and institutional clients.
This approach supports Ripple’s growth goals and helps build consumer trust. The FCA is also working on rules for different crypto activities to strengthen the country’s digital asset framework.
Crypto Firms Need to Apply for FCA Authorization
The UK’s Financial Conduct Authority has set out requirements for crypto firms that want to start new regulated cryptoasset activities. Applications are expected to open in September 2026.
Crypto firms must get authorization under the Financial Services and Markets Act before the new rules start in October 2027. This change aims to regulate the crypto sector and improve consumer protection as demand grows.
This applies to firms already registered under anti-money laundering and electronic money rules. They must get FSMA authorization, since there will be no automatic conversion.
Firms already authorized under FSMA for other activities will need to update their permissions. Also, crypto firms that use another FCA-authorized company to approve financial promotions must get direct authorization to market to UK customers.
Applications sent outside the main period may still be reviewed, but they will not be fast-tracked.
XRP Price Surges Amid This Major News
XRP price jumped by more than 1% in response to Ripple securing FCA registration. The price was trading at $2.11. The 24-hour low and high were $2.076 and $2.16, respectively. However, the price increase comes under lower trading volume, indicating potential for wavering price action.
CryptoWZRD predicted XRP will flash a bullish sign if it stays above $2. In that case, the XRP price will likely gain more bullish momentum and push towards $2.70.
According to Coinglass, derivatives markets showed buying activity in the last few hours. Total XRP futures open interest climbed by 1.30% to $4.19 billion in the past 4 hours.
At the time of writing, 24-hour XRP futures open interest was down by nearly 0.60. Futures open interest tanked 5% on Binance, but jumped 0.31% on CME.