The Central Bank of Ireland (CBI) has recently granted a license to Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP). This milestone allows Ripple to offer specific digital asset services within Ireland and expand its operations to clients across the European Economic Area in the future. However, additional licenses will be required for this expansion to take place.
According to the CBI, a registered VASP can facilitate the transfer of digital assets between different addresses or accounts on behalf of individuals or entities. These services can include exchanging cryptocurrencies for fiat currencies, swapping between digital assets, and providing custodial services. Ripple’s licensing as a VASP in Ireland positions the company to play a key role in the region’s rapidly growing cryptosphere.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed his enthusiasm about the CBI’s approval. He sees it as a significant advancement for Ripple’s regional operations and praises Ireland for positioning itself as a supportive jurisdiction for the virtual assets industry. Ripple’s decision to choose Ireland as its primary base for EU regulation is reinforced by the Irish authorities’ commitment to regulatory clarity and the development of the digital assets, payments, and fintech ecosystem.
Ripple’s approval as a registered VASP brings the total number of registered VASPs in Ireland to eleven. Among these registered entities are notable players in the crypto industry such as payment processor MoonPay, Zodia Custody, and major cryptocurrency exchanges Gemini and Coinbase. The growing presence of these VASPs indicates Ireland’s attractiveness as a hub for digital asset services.
Ripple’s Successful Year
The licensing of Ripple’s Irish subsidiary adds to the company’s success in 2021. In July, Ripple achieved a significant victory against the U.S. Securities and Exchange Commission (SEC) when certain programmatic sales of its cryptocurrency XRP were ruled not to violate securities laws. However, direct sales to institutional buyers were determined to be securities. Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, also obtained a license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore.
The Central Bank of Ireland’s licensure of Ripple’s Irish subsidiary as a registered Virtual Asset Service Provider opens up new opportunities for Ripple in Ireland and the European Economic Area. The inclusion of Ripple among the growing number of registered VASPs in Ireland demonstrates the country’s commitment to fostering the development of the virtual assets industry. Ripple’s success in overcoming regulatory challenges and obtaining licenses from reputable authorities further solidifies its position as a key player in the cryptocurrency market.
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