Ripple plans to acquire an Australian payment company in April to obtain a financial services license

Ripple announced on Tuesday that it will acquire BC Payments Australia to obtain an Australian Financial Services License (AFSL), with the acquisition expected to be completed by April 1. Fiona Murray, Managing Director of Ripple Asia Pacific, stated, “Australia is a key market for Ripple, and the institutional interest in digital assets is strong enough to justify this investment.”

Acquisition Path and Strategic Empowerment of AFSL

Obtaining an AFSL is a regulatory prerequisite for Ripple to fully provide financial services in Australia. Under current Australian regulations, an AFSL is a necessary qualification for some cryptocurrency companies to legally offer financial services domestically and is a core tool used by the Australian Securities and Investments Commission (ASIC) to promote industry compliance.

Fiona Murray explained how the AFSL specifically empowers Ripple’s business: “With an AFSL, Ripple Payments can manage the entire transaction lifecycle—from registration and compliance to funds, foreign exchange, liquidity management, and final payments—while integrating traditional banking channels and digital assets.” This means Ripple’s operations in Australia will upgrade from a settlement tool provider to a comprehensive payment infrastructure provider, capable of participating in higher-value segments across the entire payment chain for institutional clients.

Ripple’s Global Licensing Strategy: Rapid Expansion in 12 Months

The AFSL in Australia represents Ripple’s latest progress in rapidly accumulating international licenses over the past year:

• Singapore: Obtained a payment license
• UAE: Obtained a payment license
• United Kingdom: Obtained a payment license
• United States: Conditional approval for a license from National Trust Bank

In terms of business acquisitions, Ripple continues to strengthen its institutional service capabilities: acquiring non-bank Tier 1 broker Hidden Road (now renamed Ripple Prime), making Ripple the first crypto-native company to operate a multi-asset prime brokerage, covering digital assets, derivatives, foreign exchange, and fixed income clearing, financing, and brokerage services; and acquiring enterprise financial platform GTreasury to further enhance corporate treasury management.

Australian Market Context: De-banking Issues and Regulatory Trends

Ripple’s plan to enter the Australian market with an AFSL directly addresses two core issues in the Australian cryptocurrency market:

De-banking Issue: The “Big Four” banks—Commonwealth Bank, ANZ, National Australia Bank (NAB), and Westpac—each impose various restrictions on cryptocurrency transactions. Fiona Murray hopes that the promotion of AFSL can help resolve this problem. Kate Cooper, CEO of OKX Australia, also stated at the XRP Australia Conference in February that banking barriers “remain a significant challenge within the industry, with no signs of improvement.”

Regulatory Trends: The Digital Assets Framework Bill in Australia was passed by the House of Representatives in February 2026 and is currently under review in the Senate. ASIC has indicated that it will not take enforcement action regarding licensing issues before at least June 30, 2026, providing a market buffer period. Coinbase also plans to obtain an AFSL within the coming months, demonstrating the industry’s proactive embrace of Australian regulatory compliance.

Frequently Asked Questions

Why did Ripple choose to acquire an AFSL rather than apply for one directly?

Acquiring an AFSL through the purchase of BC Payments Australia is more efficient in terms of time and cost compared to applying for a new license from scratch. Applying directly often involves lengthy approval processes, whereas acquiring an existing licensed company allows Ripple to quickly obtain the qualification, enabling them to establish their license footprint in Australia by April and seize the regulatory window.

What specific impact does the Australian AFSL have on Ripple’s business?

With the AFSL, Ripple Payments can manage the full payment transaction lifecycle within Australia—including compliance, funds, foreign exchange, liquidity management, and final payments—while integrating traditional banking channels and digital assets. This enables Ripple to provide end-to-end payment infrastructure services to institutional clients, moving beyond its previous role as merely an intermediary.

What are the main challenges currently facing the Australian cryptocurrency market?

The primary challenge is de-banking—Australia’s Big Four banks impose various restrictions on cryptocurrency transactions, hindering capital flow between ordinary users and crypto platforms. After obtaining the AFSL, Ripple is expected to promote improvements through a compliant framework, and the Digital Assets Framework Bill is in legislative progress, with the overall regulatory environment continuing to improve.