Central Bank of Ireland Grants Approval to Ripple for Virtual Asset Services
Ripple, a leading player in the field of enterprise blockchain and cryptocurrency solutions, has achieved a significant breakthrough in the European market. The Central Bank of Ireland has granted registration to Ripple Markets Ireland Limited, Ripple’s subsidiary in Ireland, as a Virtual Asset Service Provider (VASP). This decision allows Ripple Markets to provide specific digital asset services within Ireland.
“We are proud to be included in the Central Bank of Ireland’s list of registered virtual asset service providers, which enables us to offer digital asset services in Ireland,” Ripple tweeted.
This achievement holds great importance for Ripple as it expands its presence in Europe. With the US market facing increasingly challenging conditions, Ripple is turning its focus towards European expansion. The registration of Ripple Markets Ireland Limited strengthens Ripple’s objective of extending its services across the European Economic Area, subject to obtaining additional necessary licenses by implementing the Markets in Crypto Assets Regulation (MiCA) by late 2024.
Furthermore, this move highlights Ripple’s strategic vision for Ireland as a favorable country for fintech advancements. Since 2022, Ripple has maintained an office in Dublin, recognizing Ireland’s status as a hub for cutting-edge financial technology. The Central Bank of Ireland’s proactive engagement through its Innovation Hub since 2018 has fostered an environment where fintech companies like Ripple can have more informal interactions with regulators.
“Ireland’s approval represents a significant milestone in Ripple’s conquest of Europe,” said Eric van Miltenburg, Senior Vice President of Strategic Initiatives. The registration of Ripple Markets Ireland Limited as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland marks a strategic leap for the blockchain giant, enabling it to offer customized digital asset services in the country.
Stuart Alderoty, Ripple’s Chief Legal Officer, celebrated this achievement in a post, highlighting Ripple’s substantial milestones in 2023. He commended the Central Bank of Ireland for officially recognizing Ripple as a registered VASP and allowing the provision of compliant cryptocurrency services.
Alderoty also emphasized Ripple’s previous accomplishments, including obtaining a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and securing approval for the usage of XRP by licensed institutions within the Dubai International Financial Centre at the Dubai Financial Services Authority (DFSA). These achievements demonstrate Ripple’s strategic progress in navigating regulatory landscapes and expanding its services globally, making 2023 a year of exceptional growth and momentum.
This registration aligns with Ripple’s strategy of collaborating with regulators worldwide. In 2023, Ripple’s Singapore branch obtained a Major Payments Institution license from MAS, while the DFSA in Dubai approved the use of XRP in the Dubai International Financial Centre, opening up new payment opportunities for the XRP Ledger in that region.
Ripple’s consistent engagement with regulators across the globe reflects its commitment to leveraging cryptocurrency and blockchain technologies for enterprises and their customers. This recent development solidifies Ripple’s position in navigating regulatory landscapes while expanding the scope of its services.