Ripple Aims to Acquire Australian Financial License, Plans to Complete in April

BlockBeats News, March 11th, cryptocurrency company Ripple announced that it plans to acquire payment company BC Payments Australia to obtain an Australian Financial Services License (AFSL), with the transaction expected to be completed on April 1st. Under the arrangement, after the acquisition is completed, Ripple will obtain the Australian Financial Services License, which will be a necessary qualification for part of the cryptocurrency companies to provide financial services in Australia in the future.

Ripple stated that after obtaining AFSL, its payment business will be able to achieve end-to-end transaction management in Australia, including customer access, compliance, fund settlement, foreign exchange, liquidity management, and final payment, while integrating traditional banking systems with digital asset networks.

Over the past year, Ripple has been continuously advancing its global compliance layout, having obtained payment-related licenses in Singapore, the United Arab Emirates, and the United Kingdom, and conditional approval for a national trust bank charter in the United States. At the same time, the company is also expanding its business footprint through acquisitions, including the acquisition of institutional broker-dealer Hidden Road (now Ripple Prime).