Ripple – the firm behind one of the world’s leading cryptocurrencies, XRP, announced plans to secure an Australian Financial Services License.
The move aims to further enable the company to expand its payments offering in the country, allowing financial institutions, fintech businesses, and enterprises to move value more efficiently and quickly across borders while working within established regulatory frameworks.
Speaking on the matter was Fiona Murray, Managing Director at Ripple for the Asia Pacific region, who said:
“Licensing is fundamental to Ripple’s strategy, ensuring we can deliver secure, compliant solutions to customers worldwide. […] Australia is a key market for Ripple, and an AFSL strengthens our ability to scale Ripple Payments across the region. By leveraging blockchain technology and digital assets, we enable customers to move value globally with greater speed, transparency, and reliability. We remain focused on working closely with regulators to support the next phase of growth for digital asset infrastructure.”
Ripple’s Plan Regarding the AFSL
The goal is to obtain the license by acquiring BC Payments Australia Pty Ltd., subject to finalizing the standard completion process. The move will supposedly strengthen Ripple’s capabilities to offer a licensed platform for moving funds across the globe.
Once obtained, the license will allow the company to manage the full lifecycle of a transaction – from onboarding and compliance through funding, forex, liquidity management, as well as the final payout.
Additionally, Ripple will be able to directly oversee settlement, connect customers to local payout partners, and optimize transaction routing, resulting in quicker settlement, more transparency, and reduced counterparty risk, according to the official blog post.
International Licensing Underway
Obtaining the Australian Financial Services License will be just the last in a series of similar moves for Ripple, which is evidently seeking international licensing. As CryptoPotato reported earlier this year, the firm secured a preliminary electronic money institution license in Luxembourg, which allows it to issue digital cash and provide digital payment services within jurisdictions regulated by the CSSF (Commission de Surveillance du Secteur Financier in Luxembourg).
With that, the US-based firm now holds licenses in several jurisdictions, including but not limited to the United Arab Emirates, Singapore, Ireland, New York, Japan, and more.
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