- According to the company’s statement, the central bank added Ripple Markets Ireland Limited to the existing list of Virtual Asset Service Providers (VASPs).
- MiCA laws in the European Union pave the way for the regulation of virtual asset providers operating in the region.
- Ripple, a significant strategic shift following a lawsuit filed in December 2020, claiming non-compliance with the registration provisions of the US Federal Securities Laws.
Ripple, the company supporting XRP, announced that it has obtained a VASP license in a European country: Ripple’s vision!
Ripple Wins License in a European Country
As part of another official recognition for crypto businesses outside the United States, the Central Bank of Ireland (CBI) added Ripple, the company supporting XRP, to the registered Virtual Asset Service Providers (VASPs) list.
According to the company’s statement, the central bank added the Irish subsidiary Ripple Markets Ireland Limited to the existing list of VASPs. Thus, Ripple Markets, as a registered VASP, will be able to offer specific digital asset services in Ireland. The company added:
“After registration, Ripple aims to serve customers throughout the European Economic Area when the Markets in Crypto-Assets Regulation (MiCA) comes into effect at the end of 2024.”
MiCA laws in the European Union pave the way for the regulation of virtual asset providers operating in the region. The company has been operating in the country with an office based in Dublin since 2022. For more information on EU Regulations for VASPs, read here.
Expansion Beyond the US
Actively expanding into various jurisdictions outside the United States, Ripple’s move is a significant strategic shift following a lawsuit filed in December 2020, claiming non-compliance with the registration provisions of the US Federal Securities Laws. Additionally, the company is applying for registration as a crypto asset firm with the UK Financial Conduct Authority (FCA). Senior Ripple executive Eric van Miltenburg said:
“Ireland – and more broadly the EU – increases confidence in the industry by providing regulatory clarity for digital assets, payments, and the fintech ecosystem.”
The company obtained a Major Payment Institution License application from the Monetary Authority of Singapore (MAS) in June 2023. Moreover, the Dubai Financial Services Authority (DFSA) recently approved the use of XRP tokens within the Dubai International Financial Centre (DIFC) ecosystem. Additionally, it is stated that the company acquired the majority of the 35 money transfer licenses in the US in 2023.
