Connect with us


Ripple finds partners in France, Sweden, amidst growing crypto regulations



Source: Unsplash

Ripple Labs, a leading cryptocurrency payments company, has forged new partnerships in France and Sweden even as countries across Europe are tightening crypto-related regulations.

The crypto solutions provider has signed deals with Lemonway, a French payments provider for online marketplaces and Xbaht, a Swedish fund transfer provider for launching its On-Demand Liquidity (ODL) system.

This partnership would enable consumers and businesses in these two countries to make real-time global fund transfers using RippleNet, the financial tool of Ripple Labs.

Ripple’s announcement comes against the background of the Markets in Crypto Assets (MiCA) being approved by the Europe Parliament.

Ripple expanding into Europe

The announcement iterates Ripple’s plan to expand into the European market even as the continent is witnessing a tightening control over crypto assets by regulatory bodies.

France was the first country in Europe to introduce crypto-related laws. In 2014, the Prudential Supervision and Resolution Authority (ACPR), the French banking and insurance regulatory authority, mandated crypto firms to obtain a license to provide crypto-related payment services in the country.

Since then, a number of crypto exchanges, including Binance, have been authorized to provide services to French users.

Sweden, on the other hand, does not have a comprehensive cryptocurrency regulatory regime. However, the Swedish banking and financial regulations encompass crypto-related activities so that no entity can violate anti-money laundering (AML) rules. In this regard, Sendi Young, MD, Europe, Ripple stated,

“We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively… we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.”

Europe witnessing increasing crypto adoption

Notably, Ripple claimed in a report that 70% of respondents at financial institutions in Europe think blockchain will have a massive or significant impact on their business in the next five years, while 59% of respondents are interested in using blockchain for payments.

Ripple’s foray into the European crypto market continues while the European Parliament is working to legislate the MiCA. Only yesterday (10 October), the Parliament approved the crypto laws, with a 28-1 vote.

The upcoming G20 meeting will also deliberate upon the Crypto-Asset Reporting Framework (CARF) prepared by the Organization for Economic Co-operation and Development (OECD).

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.