Ripple moves to secure Australian financial license through acquisition

Ripple is closing in on a key regulatory milestone in Australia as it moves to secure an Australian Financial Services License (AFSL) through the acquisition of local payments firm BC Payments Australia, an entity linked to the European Banking Circle Group.

The deal, expected to close around April 1, would allow Ripple to operate under BC Payments Australia’s existing AFSL — a license that is increasingly becoming a requirement for crypto firms seeking to provide regulated financial services in the country.

According to Fiona Murray, the move reflects growing institutional demand for digital asset services in the region. Murray said the company has long viewed Australia as a strategic market and that securing regulatory approval was always part of Ripple’s long-term expansion plan.

With an AFSL in place, Ripple would be able to manage the entire lifecycle of payments transactions in Australia, from onboarding and compliance checks to foreign exchange, liquidity management and final payouts.

The system integrates traditional banking rails with blockchain-based assets such as XRP and the company’s stablecoin, Ripple USD.

Ripple expands global regulatory footprint

The Australian license push is the latest step in Ripple’s global regulatory expansion strategy, which has seen the company secure several approvals and licenses across major financial hubs over the past year.

Ripple recently received conditional approval for a national trust banking charter in the United States, while also obtaining payments licenses in Singapore, the United Arab Emirates, and the United Kingdom.

At the same time, the company has been strengthening its institutional services through strategic acquisitions.

Ripple’s purchase of Hidden Road — now rebranded as Ripple Prime — made it the first crypto-native company to own and operate a multi-asset prime broker, offering clearing, financing and brokerage services across digital assets, derivatives, swaps, foreign exchange and fixed-income markets.

Ripple has also acquired corporate treasury platform GTreasury, a move designed to expand the utility of its digital asset ecosystem, including XRP and RLUSD, for institutional treasury management.

Australia’s regulatory push and debanking challenges

Ripple’s expansion plans come at a time when Australia’s crypto regulatory framework is evolving rapidly.

Lawmakers introduced a Digital Asset Framework bill last year, which has already passed the lower house and is currently under consideration in the Senate.

Meanwhile, the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), has proposed rules that would require crypto trading platforms to obtain AFSL licenses.

ASIC previously said it would not begin enforcing licensing requirements until June 30, 2026, giving crypto companies time to comply.

Murray also expressed hope that clearer licensing pathways could help address Australia’s persistent crypto debanking problem, where banks restrict or block transfers to cryptocurrency platforms.

Several major lenders — including Commonwealth Bank, Australia and New Zealand Banking Group, National Australia Bank and Westpac — have introduced varying restrictions on crypto-related payments.

Industry leaders say those barriers continue to slow adoption. Kate Cooper recently noted that banking restrictions remain one of the sector’s biggest challenges, with crypto firms still working with policymakers to establish clearer standards for the industry.