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 approval allows Ripple to offer specific digital asset services within Ireland and potentially expand its services across the European Economic Area in the future. The licensing is particularly significant as it reaffirms Ireland’s supportive jurisdiction for the virtual assets industry and showcases the country’s commitment to the development of digital assets, payments, and fintech ecosystem.
As a registered VASP, Ripple can facilitate the transfer of digital assets between various addresses or accounts on behalf of individuals or entities. Additionally, Ripple can now offer services such as exchanging cryptocurrencies for fiat currencies, swapping between digital assets, and providing custodial services. The approval from the CBI serves as an important milestone for Ripple, allowing the company to expand its operations and cater to a wider range of clients.
Ripple’s licensing as a VASP in Ireland contributes to the growing number of registered VASPs in the country, which now stands at eleven. Among these registered entities are notable names such as payment processor MoonPay, Zodia Custody, and U.S.-based cryptocurrency exchanges Gemini and Coinbase. This increase in registered VASPs reflects Ireland’s commitment to fostering a thriving virtual assets industry and provides a favorable environment for businesses like Ripple to operate.
The approval from the CBI is yet another achievement for Ripple, adding to the company’s successful year. In a significant legal victory, Ripple emerged triumphant against the U.S. Securities and Exchange Commission (SEC) in July. Judge Analisa Torres ruled that certain programmatic sales of Ripple’s cryptocurrency, XRP, did not violate securities laws. However, direct sales to institutional buyers were deemed securities. Additionally, 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.
Ireland’s regulatory clarity for the virtual assets industry, coupled with the approval of Ripple’s subsidiary, serves to boost confidence in the digital assets, payments, and fintech ecosystem. The country’s commitment to these industries fosters an environment of growth and innovation. Furthermore, Ripple’s selection of Ireland as its primary base for EU regulation demonstrates the country’s attractiveness to businesses operating in the virtual assets space.
Ripple’s licensing as a registered VASP by the Central Bank of Ireland marks a significant advancement for the company’s operations in the region. This approval allows Ripple to provide specific digital asset services, expand its operations within Ireland and potentially across the European Economic Area. Additionally, the approval signifies Ireland’s supportive jurisdiction for the virtual assets industry and reinforces the country’s commitment to the long-term development of these industries.
