Key takeaways:
- After being approved as a VASP by the Central Bank of Ireland, the crypto payment network Ripple has achieved another regulatory milestone in Ireland.
- Ripple is also permitted to offer custody services, exchange services between different cryptocurrencies, and crypto exchange services against fiat currencies.
After being approved as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI), the cryptocurrency payment network Ripple has achieved another regulatory milestone in Ireland.
In a statement released on December 19, Ripple stated that the company is now able to offer specific digital asset services in Ireland as it has been added to the CBI’s list of registered VASPs.
Ripple can carry out transactions on behalf of another natural or legal person who transfers digital assets from one address or account to another, citing information from the CBI’s VASP register.
According to the registry, Ripple is also permitted to offer custody services, exchange services between different cryptocurrencies, and crypto exchange services against fiat currencies.
In addition to Ripple, other cryptocurrency companies on the CBI’s VASP registry include Coinbase, a US-based cryptocurrency exchange; MoonPay, a payment processor; Gemini Exchange; and Zodia Custody.
After the Markets in Crypto Assets Regulation (MiCA), a significant set of European cryptocurrency rules, is adopted, Ripple hopes to use the registration to provide crypto services to customers throughout the European Economic Area.
MiCA, which is anticipated to go into effect by the end of 2024, intends to strengthen investor protection and enhance adherence to anti-money laundering regulations. Eric van Miltenburg, senior vice president of strategic initiatives at Ripple, stated:
“The CBI’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,”
Nearly two years after opening its first operations there, Ripple has achieved further regulatory success in Ireland. According to reports, Ripple set up shop in Dublin in February 2022 with the intention of introducing services in Ireland and catering to the larger European market.
Aside from going global, Ripple has been making headway in its domestic legal matters, winning a big case that was started by the US Securities and Exchange Commission (SEC) in July 2023. The SEC charged Ripple in December 2020 with marketing the cryptocurrency XRP in order to unlawfully raise over $1.3 billion through an unregistered securities offering.
Lately, other businesses, such as Coinbase, have also been expanding throughout Europe, especially in Ireland. Coinbase formally declared Ireland to be its preferred European cryptocurrency hub in October 2023.
