Ripple Becomes a Registered Virtual Asset Service Provider in Ireland
Ripple, the blockchain-based payments firm, has announced that its Irish subsidiary, Ripple Markets Ireland Ltd., has been registered as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI). This registration under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 enables Ripple to offer services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into effect at the end of 2024, subject to obtaining other necessary licenses.
Established in Dublin in 2022, Ripple chose Ireland as its primary base for European Union regulation due to the country’s reputation as a supportive jurisdiction for the virtual assets industry. Eric van Miltenburg, Ripple’s senior vice president for Strategic Initiatives, praised Ireland and the EU for providing regulatory clarity and boosting confidence in the digital assets, payments, and fintech ecosystem.
Ripple’s Expansion and Approvals
In addition to its registration in Ireland, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd., obtained its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) in October. The company also acquired most of its 35 money transmitter licenses (MTLs) in the United States during the same year. Furthermore, the Dubai Financial Services Authority (DFSA) approved the usage of XRP, Ripple’s native cryptocurrency, within the Dubai International Financial Centre (DIFC) in November, allowing licensed crypto firms in the DIFC to integrate XRP into their services.
Hot Take: Ripple’s Growing Presence in Regulatory-Compliant Locations
Ripple’s registration as a virtual asset service provider with the Central Bank of Ireland highlights the company’s commitment to complying with regulations and operating in jurisdictions that support the virtual assets industry. By positioning itself in Ireland and obtaining licenses in various countries, including Singapore and the United States, Ripple is expanding its global presence and strengthening its position as a leading blockchain-based payments provider. These regulatory approvals enhance confidence in Ripple’s digital assets and demonstrate its dedication to the long-term development of the industry.
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