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

ambcrypto.com:

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.

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