Ripple Ireland Recognized as a Virtual Asset Service Provider
The Central Bank of Ireland (CBI) has officially recognized Ripple Markets Ireland Limited, Ripple’s Irish subsidiary, as a registered Virtual Asset Service Provider (VASP). This allows Ripple Markets to offer digital asset services within Ireland. The company plans to extend its services across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) is enforced in late 2024.
Expanding Beyond the US
Ripple has been actively expanding its operations outside of the United States since facing a lawsuit from the SEC in December 2020. The company is also seeking registration as a crypto asset firm with the UK’s Financial Conduct Authority. Eric van Miltenburg, a senior executive at Ripple, believes that Ireland and the EU are providing regulatory clarity and boosting confidence in the digital assets and fintech ecosystem.
Recent Approvals and Licenses
In addition to its recognition in Ireland, Ripple has obtained a Major Payments Institution License application from Singapore’s central bank and received approval from the Dubai Financial Services Authority to use XRP tokens within the Dubai International Financial Centre ecosystem. The company has also acquired numerous money transmitter licenses in the US.
Hot Take: Ripple Expands Global Presence with Regulatory Recognition
Ripple’s inclusion as a registered VASP by the Central Bank of Ireland marks another significant step in its expansion outside of the US. With plans to offer services across Europe and ongoing efforts to obtain regulatory approval in other jurisdictions, Ripple is positioning itself as a trusted player in the digital asset industry. By adhering to regulations and obtaining licenses, Ripple aims to build confidence among users and foster growth in the global fintech ecosystem.
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