Major Ripple (XRP) Announcement for Australian Users

Ripple is on track to obtain an Australian financial license, and expand its international presence.

Ripple – the firm behind one of the world’s leading coins, XRP, has announced plans to obtain an Australian Financial Services License.

This move aims to further enable the company to expand its payments in the country, allowing financial institutions, fintech businesses, and businesses to move value efficiently and quickly across borders while operating within established regulatory frameworks.

Speaking on the matter was Fiona Murray, Ripple’s Managing Director for the Asia Pacific region, who said:

“Licensing is critical to Ripple’s strategy, ensuring we can deliver secure, compliant solutions to customers around the world. […] Australia is an important market for Ripple, and AFSL strengthens our ability to scale Ripple Payments across the region. Using blockchain technology and digital assets, we enable customers to move value around the world at high speed, transparency, and reliability. We remain focused on working closely with regulators to support the next phase of digital asset infrastructure growth. “

Ripple Program About AFSL

The goal is to obtain a license by acquiring BC Payments Australia Pty Ltd., subject to completion of the normal completion process. This move should strengthen Ripple’s capabilities to provide a licensed platform for moving funds around the world.

Once obtained, the license will allow the company to manage the complete life cycle of a transaction – from onboarding and compliance with funds, forex, liquidity management, and final payment.

In addition, Ripple will be able to directly oversee the settlement, connect customers with local payment partners, and improve the transaction channel, leading to faster, more transparent, and reduced counterparty risk, according to the official blog.

International Licensing Continued

Acquiring an Australian Financial Services License would be just the latest in a series of similar moves by Ripple, apparently seeking global licenses. As CryptoPotato reported earlier this year, the company received the first license for an electronic money institution in Luxembourg, which allows it to issue digital cash and provide digital payment services in areas regulated by the CSSF (Commission de Surveillance du Secteur Financier in Luxembourg).

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With that, the US-based company now has licenses in several jurisdictions, including but not limited to the United Arab Emirates, Singapore, Ireland, New York, Japan, and more.