Ripple to Expand into Europe on Back of MiCA Amid US Regulatory Uncertainty

Ripple sustains global expansion despite the pressure from the U.S. SEC lawsuit, with a view to penetrate deeper into Europe as MiCA becomes law.

Ripple continues to push for expansion on a global scale despite facing a multi-year legal tussle with the U.S. SEC. The regulatory uncertainty in the U.S. has catalyzed Ripple’s penchant for global expansion, as the technology company seeks to penetrate deeper into Europe on the back of the MiCA regulation.

Sendi Young, Ripple’s Managing Director (MD) for the U.K. and Europe, highlighted these expansion initiatives in a recent interview at the Money20/20 event in Europe this month. Antony Welfare, CBDC Advisor at Ripple, called attention to the interview in a tweet today.

Great interview with @sendiyoung on @Ripple‘s future prospects here in Europe and #CBDC: “It’s really a number of different currencies and CBDCs. They’re all going to be coexisting and that kind of ability to interoperate, to go in and out is going to be very important.” https://t.co/fAzlDmZ7Yn

— Antony Welfare (@AntonyWelfare) June 14, 2023

Ripple’s Digital Currencies Plans

Welfare pointed out Young’s remarks pertaining to Ripple’s extended efforts towards digital currency and CBDC developments. According to Young, Ripple has continued to expand its offerings to accommodate digital assets and Central Bank Digital Currencies (CBDCs). 

Recall that, as The Crypto Basic disclosed last month, Ripple rolled out its CBDC platform for central banks and other financial institutions to develop their own digital currencies on May 18. Ripple is also collaborating with Montenegro for the development of the country’s digital currency.

“It’s really a number of different currencies and CBDCs. They’re all going to be coexisting, and that kind of ability to interoperate, to go in and out, is going to be very important,” Young remarked, speaking on Ripple’s CBDC efforts in the latest Money20/20 interview.

Ripple Intensifies Europe Expansion Plans

Besides the CBDC initiatives, Young also emphasized the importance of the Markets in Crypto Assets (MiCA) regulation in creating a fertile ground for Ripple’s expansion into Europe. Recall that all 27 European Union finance ministers unanimously voted to pass the MiCA regulation last month. The European Parliament president signed the bill into law on May 31.

Even prior to the approval of MiCA, Ripple had been making attempts towards expanding its reach in Europe. The Crypto Basic reported last November that the firm was seeking an operational license in Ireland as part of its efforts to expand into Europe. MiCA has encouraged Ripple to intensify these European expansion plans.

Speaking on the MiCA regulation and the impact of clear legislation in Europe, Young noted: “I think that’s where we’ve seen much bigger mainstream take up and the real benefits of crypto’s utility being realized. Without clear regulation, that is impossible. I see that as the first step in getting more mainstream adoption.”

The favorable environment observed in Europe and the U.K. directly contrasts the atmosphere in the U.S. where industry leaders have continued to bemoan the SEC’s aggressive enforcement actions. The agency recently sued Binance and Coinbase for facilitating trades in unregulated securities despite the prevalent regulatory uncertainty in the country.