This registration will let Ripple offer its certain digital assets services to clients within Ireland.
Ripple Labs Inc. has officially revealed that the Central Bank of Ireland (CBI) added its Irish entity Ripple Markets Ireland Limited (Ripple Markets) to the list of registered VASPs (Virtual Asset Service Providers).
Now, after gaining this registration in Ireland, Ripple will be working on the expansion of its services within the European Economic Area. This will become possible in case of gaining all the necessary licenses under the MiCA regulation that is expected to come into force in 2024.
Capabilities of Ripple’s Registration with Ireland
The registration will now allow Ripple to conduct transactions on behalf of individuals or entities moving digital assets between addresses or accounts. Furthermore, Ripple is authorized to provide cryptocurrency exchange services against fiat currencies, facilitate exchanges between different cryptocurrencies, and offer custody services, as outlined in the CBI’s VASP register.
Ripple’s commitment to working closely with regulators globally reflects its dedication to bringing the benefits of crypto and blockchain technology to enterprises and customers while ensuring full compliance with regulatory requirements.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed the importance of this development, stating, “The Central Bank of Ireland’s addition of Ripple Markets to its list of registered virtual asset service providers is a significant step forward for our business in the region.” Notably, Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry, making it an ideal location for Ripple to operate within the European Union.
It is worth mentioning that Ripple’s regulatory milestone in Ireland came nearly two years after it established its first offices in the country. The company opened its Dublin office in February 2022, with a strategic goal of launching services in Ireland and catering to the wider European market.
Meanwhile, Ripple is not the only crypto firm included in the CBI’s VASP register. Other notable companies such as Coinbase Global Inc (NASDAQ: COIN), MoonPay, Gemini Exchange, and Zodia Custody are also registered, underlining Ireland’s growing importance as a hub for virtual asset services.
Ripple’s Global Regulatory Achievements
Ripple’s focus on regulatory compliance and collaboration with global regulators is evident in its recent achievements. In October, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Additionally, the Dubai Financial Services Authority (DFSA) approved the use of Ripple’s associated digital asset, XRP, within the Dubai International Financial Centre (DIFC), unlocking new regional payment and virtual asset use cases on the XRP Ledger.
Aside from global expansion, Ripple has made great headway with its domestic legal concerns, gaining a crucial victory in a long-running court dispute started by the United States Securities and Exchange Commission (SEC) in July. The SEC accused Ripple of improperly raising more than $1.3 billion in an unregistered securities offering by selling unregistered XRP in its December 2020 lawsuit.
Per the court verdict, XRP was deemed a non-security asset when sold to retail investors.