Blockchain payments firm Ripple announced on Wednesday that it will be acquiring BC payments as it seeks to establish a presence in the Asia-Pacific region, with a new financial license from Australia.
No details were mentioned in the announcement about the value of the acquisition or how the transaction will be conducted.
The update comes after the company secured a money license in Luxembourg in February, giving it 75 regulatory licenses.
At the time of writing, Ripple was trading at $1.37.
Ripple’s APAC managing director, Fiona Murray, said in the official statement that Australia is a key market for the company.
“…an AFSL strengthens our ability to scale Ripple Payments across the region…We remain focused on working closely with regulators to support the next phase of growth for digital asset infrastructure.”
The license is expected to give the blockchain company more scope for its operations globally at a time when regulatory authorities in cities recognized as cryptocurrency hubs are cracking down on cryptocurrency firms either for their lack of proper licensing or for not being able to function within guidelines. Recent instances include:
- Cryptocurrency exchange MEXC is receiving an official notice from VARA in Dubai for operating as an unlicensed entity.
- Bithumb received a 6-month suspension notice in South Korea for not abiding by AML and KYC regulations
- U.K.’s securities watchdog FCA flagged Vergo Blockchain as an unregistered entity.
As a result of the acquisition, Ripple will be getting an AFSL (Australian Financial Services License), giving it permission to operate in the country.
While Ripple has a huge number of operating licenses, it has not yet received an official National Trust Charter License, which would give it the ability to operate as a banking entity, accept customer funds for deposits, and allow users to open bank accounts in America. As of now, it has conditional approval, which it secured in December last year.
In 2025, multiple large-scale fintechs secured conditional approval by the OCC to create their own digital banks.
The rapid growth of companies in the fintech and cryptocurrency space has received pushback from major U.S. banks. The Bank Policy Institute is reportedly considering legal action against the OCC for what it claims to be liberal licensing practices for cryptocurrency, payments, and fintech companies in the U.S. under a pro-cryptocurrency Trump administration.