The Central Bank of Ireland (CBI) has recently licensed Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP). This approval allows Ripple to facilitate the transfer of digital assets between various addresses or accounts on behalf of individuals or entities. In addition, Ripple can now offer services such as exchanging cryptocurrencies for fiat currencies, swapping between digital assets, and providing custodial services. This milestone achievement paves the way for Ripple to offer specific digital asset services within Ireland and expand its services to clients across the European Economic Area.
Ripple’s licensing from the CBI is a significant step towards its expansion in Europe. Once the highly anticipated Markets in Crypto Assets Regulation (MiCA) comes into effect next year, Ripple will be able to provide its services to clients across the European Economic Area. This expansion, however, is subject to Ripple securing other necessary licenses. Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed enthusiasm about the approval, highlighting how Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry. This favorable environment makes Ireland an ideal base for Ripple’s operations within the European Union (EU). Ultimately, by providing regulatory clarity, Ireland and the EU are boosting confidence in the digital assets, payments, and fintech ecosystem while demonstrating their commitment to the long-term development of these industries.
With the approval from the CBI, Ripple becomes one of eleven registered VASPs in Ireland. Other notable entities in this space include payment processor MoonPay, Zodia Custody, and U.S.-based cryptocurrency exchanges Gemini and Coinbase. This increase in registered VASPs indicates the growing recognition and acceptance of digital assets within Ireland’s financial landscape.
Ripple’s licensing from the CBI comes at a significant moment in the company’s journey. Earlier this year, Ripple faced legal challenges from the U.S. Securities and Exchange Commission (SEC). However, in a pivotal court ruling in July, certain programmatic sales of Ripple’s cryptocurrency XRP were deemed not to have violated securities laws. This ruling provided clarity and validation for Ripple, allowing them to continue their operations with confidence. Moreover, Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, obtained licensing from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore, further solidifying Ripple’s presence in the global market.
As Ripple expands its operations within Europe and continues to navigate the ever-evolving regulatory landscape, the approval from the Central Bank of Ireland serves as a testament to their commitment to compliance and innovation. With its status as a registered VASP, Ripple is well-positioned to provide secure and efficient digital asset services to its clients. This achievement marks a positive milestone for Ripple and sets the stage for further growth and success in the years to come. As the cryptocurrency and fintech industries continue to gain momentum, Ripple remains at the forefront, driving innovation and reshaping the financial landscape.