Ripple plans to obtain an Australian financial license by acquiring payment company BC Payments

The cryptocurrency company Ripple has announced plans to acquire payment company BC Payments Australia to obtain an Australian Financial Services License (AFSL). According to the arrangement, upon completion of the acquisition, Ripple will receive the Australian Financial Services License, which will become a necessary qualification for some cryptocurrency companies to provide financial services in Australia in the future.

Ripple stated that after obtaining the AFSL, its payment business will be able to manage the entire transaction process in Australia, including customer onboarding, compliance, fund settlement, foreign exchange, liquidity management, and final payments, integrating traditional banking systems with digital asset networks.

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