Ripple Eyes Australian Financial License via Acquisition in April

Crypto technology firm Ripple has announced plans to acquire a local Australian payment company in April to formally obtain an Australian Financial Services License (AFSL). This move is a key part of the company's efforts to expand its compliance qualifications globally over the past year. Ripple's CEO stated that Australia is a crucial market in the company's global strategy, and obtaining the AFSL will significantly enhance its ability to expand payment operations locally and increase institutional clients' trust in the platform.

The target of this acquisition is Hidden Road, now renamed Ripple Prime, becoming the world's first multi-asset prime brokerage wholly owned and operated by a crypto-native company. It can provide institutional clients with clearing, financing, and brokerage services for digital assets, derivatives, foreign exchange, swaps, and fixed income products.

The Australian Securities and Investments Commission (ASIC) is also currently drafting a regulatory framework for the crypto industry, aiming to establish a clearer compliance path for the market. Meanwhile, another mainstream crypto exchange, Coinbase, is also actively applying for an AFSL, demonstrating the continued attention of international platforms to the Australian market. Ripple expressed its hope to address the issue of "crypto banking exclusion," believing that some financial institutions are currently taking restrictive measures against crypto companies, hindering the healthy development of the industry. The company is working closely with regulators to promote the establishment of unified and reasonable industry standards to promote the deep integration of digital assets and traditional financial systems.