Ripple, the enabler of enterprise blockchain and crypto solutions, announced that the Central Bank of Ireland (CBI) has added its Irish subsidiary Ripple Markets Ireland Limited to its list of registered Virtual Asset Service Providers (VASPs).
The decision will support Ripple’s business since, “as a registered VASP, Ripple Markets will be able to provide certain digital asset services within Ireland.”
Following the registration, Ripple will seek to provide services “to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licenses.”
Ripple opened its Dublin office in 2022, recognizing “that Ireland continues to position itself as a favorable destination for companies building new technologies for financial services. For instance, the CBI created an Innovation Hub in 2018 to allow fintech firms to engage with the regulator in a more informal manner.”
Eric van Miltenburg, SVP, Strategic Initiatives, said:
“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. Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation. By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.”
Ripple Market’s VASP registration in Ireland “comes as Ripple continues to prioritise working with regulators around the world in order to bring the benefits of crypto and blockchain technology to enterprises and their customers. In October 2023, Ripple’s Singapore subsidiary – Ripple Markets APAC Pte Ltd – secured its Major Payments Institution (MPI) licence from the Monetary Authority of Singapore (MAS). In the U.S., Ripple has obtained the majority of its 35 money transmitter licences (MTLs) in 2023. MTLs are a powerful enabler to build and deliver best-in-class customer experience.”
Additionally, in November 2023, “the Dubai Financial Services Authority (DFSA) approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC).”
This move means that “licensed virtual asset firms within the DIFC will now be able to incorporate XRP, the native asset of the XRP Ledger (XRPL), into their virtual asset services.”
As a key builder and user of the XRP Ledger, Ripple views “this approval as having the potential to unlock new regional payments and other virtual asset use cases on the XRP Ledger.”