Ripple’s Irish Subsidiary Registered as Virtual Asset Service Provider
Ripple has achieved another regulatory milestone with the inclusion of its Irish subsidiary, Ripple Markets Ireland Limited, in the Central Bank of Ireland’s list of registered Virtual Asset Service Providers (VASPs). This registration demonstrates Ripple’s commitment to working closely with regulators to promote blockchain and cryptocurrency technology adoption in the enterprise sector. Eric van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple, highlighted Ireland’s supportive stance towards the virtual assets industry and its reputation as a favorable operating base for companies like Ripple.
Ripple’s Global Compliance Efforts
Ripple’s focus on regulatory compliance extends beyond Ireland. In 2023, its Singapore subsidiary obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), and it secured most of its money transmitter licenses (MTLs) in the United States. In November 2023, the Dubai Financial Services Authority (DFSA) approved the use of XRP within the Dubai International Financial Centre (DIFC), enabling licensed virtual asset firms to incorporate XRP into their services.
Ripple Views DFSA Approval as Catalyst
Ripple sees the DFSA approval as a catalyst for unlocking new regional payment solutions and other virtual asset use cases on the XRP Ledger. This approval allows licensed firms within the DIFC to offer XRP-related services. As of current market data, XRP is trading at 0.6172, with a gain of 1.7% in the past 24 hours and 2.5% over the last seven days. However, XRP has been surpassed by Solana in terms of market capitalization.
Hot Take: Ripple Continues Regulatory Advancements
Ripple continues to make significant strides in regulatory achievements with the registration of its Irish subsidiary as a Virtual Asset Service Provider. This milestone reinforces Ripple’s commitment to working closely with regulators and promoting blockchain technology adoption. Additionally, Ripple’s global compliance efforts, such as obtaining licenses in Singapore and the United States, demonstrate its dedication to meeting regulatory requirements worldwide. The recent approval from the Dubai Financial Services Authority further enhances Ripple’s position in the virtual assets industry. With these advancements, Ripple is well-positioned to drive innovation and provide new payment solutions on the XRP Ledger.
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