Ripple, a leading blockchain technology company, has received approval from the Central Bank of Ireland (CBI) for its Irish subsidiary, Ripple Markets Ireland Limited, to operate as a registered Virtual Asset Service Provider (VASP). This licensing allows Ripple to offer digital asset services within Ireland and expand its operations throughout the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) is enacted. The inclusion of Ripple in Ireland’s supportive jurisdiction marks a significant milestone for the company’s regional operations.
Ripple’s licensing as a VASP enables it to facilitate the transfer of digital assets between different accounts or addresses on behalf of individuals and entities. Additionally, the company can provide services such as cryptocurrency-fiat currency exchange, digital asset swapping, and custodial services. This regulatory approval paves the way for Ripple to enhance its service offerings and reach a broader client base across Europe.
With Ripple’s approval, Ireland has seen an increase in the number of registered VASPs, now totaling eleven. This includes prominent entities like MoonPay, a payment processor, Zodia Custody, and cryptocurrency exchanges Gemini and Coinbase. The addition of Ripple reinforces Ireland’s position as a favorable jurisdiction for the virtual assets industry, highlighting its commitment to fostering the growth and development of this sector.
Ripple’s licensing by the CBI comes after the company’s legal victory against the U.S. Securities and Exchange Commission (SEC) in July. Judge Analisa Torres ruled that certain programmatic sales of Ripple’s cryptocurrency XRP did not violate securities laws, providing a significant boost to Ripple’s legal standing. However, sales directly to institutional buyers were categorized as securities. In addition, Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, obtained licensing from the Monetary Authority of Singapore (MAS) to offer digital payment token services in Singapore.
Ripple’s licensing as a VASP in Ireland and its continued expansion into different markets position the company for further growth. As the European Union plans to implement the Markets in Crypto Assets Regulation (MiCA), Ripple is well-positioned to offer its services throughout the European Economic Area. The company’s commitment to compliance and collaboration with regulatory authorities ensures its ability to navigate evolving regulatory landscapes and stay at the forefront of the digital asset industry.
The Central Bank of Ireland’s licensing of Ripple’s Irish subsidiary as a registered VASP marks an important milestone for both Ripple and Ireland’s virtual assets industry. This approval allows Ripple to offer a range of digital asset services and expand its operations across Europe. Ireland’s supportive regulatory environment further strengthens its position as an attractive jurisdiction for businesses in the virtual assets industry. With Ripple’s recent legal victories and strategic expansions, the company is poised for continued success and growth in the global digital asset landscape.
Leave a Reply