On October 11, Ripple Labs, a leading business in the cryptocurrency payments industry, has recently established new partnerships in France and Sweden, despite the fact that several nations in Europe are working to tighten their legislation pertaining to cryptocurrencies.
For the purpose of establishing its On-Demand Liquidity (ODL) system, the crypto solutions provider has inked contracts with Lemonway, a French payments provider for online marketplaces, and Xbaht, a Swedish cash transfer service. Both companies are located in Sweden.
Because of this agreement, individuals and companies in these two nations would be able to use RippleNet, a financial instrument developed by Ripple Labs, to carry out real-time, cross-border cash transactions. The news made by Ripple comes in the wake of the Markets in Crypto Assets (MiCA) bill being passed by the European Parliament.
Ripple’s goal to grow into the European market was reiterated in this statement, which comes at a time when regulatory agencies on the European continent are increasing their oversight of crypto assets.
France was the first nation in Europe to pass legislation regarding cryptocurrencies and blockchain technology. In 2014, the French banking and insurance regulatory organisation known as the Prudential Supervision and Resolution Authority (ACPR) demanded that crypto businesses seek a licence in order to conduct crypto-related payment services inside the nation. This was done in order to comply with the requirement. Since that time, many other cryptocurrency exchanges, including Binance, have been granted permission to provide their services to customers in France.
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