Crypto News: Ripple (XRP) Becomes Registered Virtual Asset Service Provider in Ireland
Ripple (XRP) has joined the list of registered virtual asset service providers at the Central Bank of Ireland, allowing the company to offer specific digital asset services in Ireland. Ripple Markets Ireland Limited, Ripple’s Irish subsidiary, has been officially listed as a registered VASP. This registration strengthens Ripple’s position in the European financial landscape and will enable the company to expand its services throughout the European Economic Area once the regulation on crypto asset markets becomes operational. The opening of Ripple’s office in Dublin reflects Ireland’s recognition as a favorable destination for technology-oriented businesses in the financial services sector.
Ripple’s Regulatory Successes
In addition to Ireland, Ripple has achieved regulatory successes in other regions. Its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, is a registered VASP and has acquired the license of Major Payments Institution from the Monetary Authority of Singapore. In the United States, Ripple has obtained the majority of money transmitter licenses. Furthermore, the Dubai Financial Services Authority approved the use of XRP within the Dubai International Financial Centre, opening up new opportunities for authorized companies operating in the region.
Monica Long Predicts Future Trends
Monica Long, president of Ripple, predicts key trends in the cryptocurrency industry for 2024. She anticipates a focus on compliance, institutional adoption, and blockchain integration into the traditional financial system. Long believes that providing large-scale utility services will surpass speculative cycles in the cryptocurrency sector. She also predicts a recovery of confidence through a compliance-focused approach and emphasizes that blockchain will not replace banks but instead be integrated into their operations. Long anticipates an increase in usability of digital resources and emphasizes the importance of crypto-native partners like Ripple for traditional companies.
Hot Take: Ripple Expands Its Reach in Ireland and Beyond
Ripple’s registration as a virtual asset service provider with the Central Bank of Ireland marks an important milestone for the company’s presence in the region. This move strengthens Ripple’s position in Europe and allows them to offer digital asset services in Ireland. With regulatory successes in Singapore, the United States, and Dubai, Ripple continues to expand its reach globally. Monica Long’s predictions for 2024 highlight the growing maturity of the cryptocurrency sector and the potential for greater institutional adoption. As Ripple continues to forge partnerships and navigate the regulatory landscape, it is poised to play a central role in shaping the future of blockchain and digital assets.
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