Ripple Obtains UK FCA Electronic Money Institution License
Ripple states the UK Financial Conduct Authority approved an Electronic Money Institution license, allowing its payment platform to expand cross-border payment services using digital assets for British institutions and enterprises.
Summary
In an official announcement on January 9, Ripple said it received approval from the UK Financial Conduct Authority for an Electronic Money Institution (EMI) license. The company said the license supports expansion of its payment platform, enabling more efficient cross-border payments using digital assets for UK-based institutions and enterprises.
Terms & Concepts
- Electronic Money Institution (EMI) license: A UK regulatory authorization that allows a firm to issue and manage electronic money and provide certain payment services under FCA oversight.
- Financial Conduct Authority (FCA): The United Kingdom’s financial regulator responsible for supervising conduct and compliance across financial services.
- Digital assets: Digitally issued value, including cryptocurrencies and tokenized instruments, used for transferring or representing value on digital networks.