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 enable Ripple Payments to expand its offerings in Australia, allowing financial institutions, fintechs, and enterprises to move value more efficiently and quickly across borders within established regulatory frameworks. Licensing is fundamental to Ripple’s strategy, and Australia is a key market where an AFSL would strengthen Ripple Payments’ ability to scale across the region by leveraging blockchain technology and digital assets to move value globally with greater speed, transparency, and reliability. The goal is to obtain the license by acquiring BC Payments Australia Pty Ltd., subject to finalizing the standard completion process.
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, and final payout—via a licensed platform. 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. 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. 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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