Ripple Gains VASP License from Central Bank of Ireland, Making Europe its Destination
Ripple Expands in Europe with VASP License in Ireland
Ripple, a prominent player in the world of enterprise blockchain and crypto, has achieved another milestone. The Central Bank of Ireland has granted Ripple Markets Ireland Limited, Ripple’s dedicated Irish arm, a Virtual Asset Service Provider (VASP) license. This significant development allows Ripple to offer specialized digital asset services in Ireland.
“We are delighted to be recognized as a registered virtual asset service provider by the Central Bank of Ireland, enabling us to provide digital asset services within Ireland,” Ripple announced on Twitter.
With this approval, Ripple is shifting its focus from the US to Europe. The company sees Europe as a more favorable environment due to the increasing challenges in the American crypto landscape. The Irish registration is a stepping stone for Ripple’s ambitions to expand its operations across the broader European Economic Area. However, the full impact of this expansion will be felt after the implementation of the Markets in Crypto Assets Regulation (MiCA) by the end of 2024, pending the acquisition of additional licenses.
Ireland holds a special place for Ripple, as the company has established its presence in Dublin since 2022. Ripple perceives Ireland as a vibrant hub for innovative financial technology. The Central Bank’s proactive approach, particularly through its Innovation Hub since 2018, has fostered an environment where fintech giants like Ripple can engage with regulators in a collaborative and less formal manner.
“Ireland’s nod signifies a milestone in Ripple’s European conquest,” said Eric van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives.
Ripple’s registration as a VASP by the Central Bank of Ireland is a strategic leap for the blockchain giant. It empowers Ripple Markets Ireland Limited to offer tailored digital asset services in the country, ensuring compliance with regulations.
2023 has been a remarkable year for Ripple. Stuart Alderoty, Ripple’s Chief Legal Officer, highlighted the company’s achievements in a celebratory post. He praised the Central Bank of Ireland for officially recognizing Ripple as a VASP, enabling the company to provide compliant crypto services. Alderoty also mentioned other significant milestones, including securing a major license from MAS Singapore and gaining approval for XRP’s use by the Dubai Financial Services Authority at DIFC. These accomplishments demonstrate Ripple’s ability to navigate complex regulatory landscapes and its commitment to global expansion.
By combining crypto and blockchain, Ripple is not only establishing its presence but also reshaping the future of finance for businesses and individuals. The VASP license in Ireland serves as another feather in Ripple’s cap as it continues its global endeavors.
Tags: Ripple (XRP)