The cryptocurrency payment network Ripple has achieved a new regulatory accomplishment in Ireland, receiving approval from the Central Bank of Ireland (CBI) to operate as a virtual asset service provider (VASP).
Ripple shared this development on December 19, stating that it is now included in the CBI’s list of approved VASPs. This registration enables Ripple to offer specific digital asset services in Ireland.
As per the CBI’s VASP register, Ripple is authorized to manage transactions for individuals or entities, transferring digital assets between addresses or accounts. Additionally, Ripple is permitted to offer services like cryptocurrency exchange against fiat currencies, facilitate trades between various cryptocurrencies, and provide digital asset custody services.
The CBI’s VASP register also features other cryptocurrency entities, including the U.S.-based Coinbase exchange, payment processor MoonPay, Gemini exchange, and Zodia Custody.
This registration positions Ripple to serve clients in the European Economic Area, aligning with the upcoming comprehensive European crypto regulations, the Markets in Crypto Assets Regulation (MiCA). Expected to be implemented by the end of 2024, MiCA is designed to enhance investor protection and bolster compliance with Anti-Money Laundering regulations.
Eric van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, commented on the significance of this development. He remarked, “The CBI’s inclusion of Ripple Markets in its list of registered virtual asset service providers marks a major advancement for our operations in the region.” He further noted, “Ireland’s favorable stance towards the virtual assets sector and its appeal as a business location for companies like Ripple reinforce our choice of Ireland as our main hub for EU regulation.”
Ripple’s regulatory progress in Ireland follows nearly two years after establishing its first Irish office. The company reportedly opened a Dublin office in February 2022, aiming to launch services in Ireland and cater to the broader European market. In addition to its international expansion, Ripple has been navigating through domestic legal challenges, achieving a notable victory in its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), which began in July 2023. The SEC’s lawsuit, filed in December 2020, accused Ripple of unlawfully raising over $1.3 billion through an unregistered securities offering by selling its XRP cryptocurrency.
Similarly, companies like Coinbase are expanding their presence in Europe, particularly in Ireland. In October 2023, Coinbase officially declared Ireland as its chosen European crypto hub.
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