Ripple, a cryptocurrency payment network, has achieved an additional regulatory milestone in Ireland with the Central Bank of Ireland’s (CBI’s) approval as a virtual asset service provider (VASP).
Ripple recently obtained registration as a VASP with the CBI, enabling it to offer specific digital asset services in Ireland, the company announced on December 19.
Ripple may execute transactions on behalf of another natural or legal person who transfers digital assets from one address or account to another, according to information from the CBI’s VASP register.
The register specifies that Ripple is additionally authorized to offer custody services and conduct crypto exchanges between various cryptocurrencies and exchanging cryptocurrencies against fiat currencies.
The CBI’s VASP register also contains cryptocurrency companies such as Coinbase, a payment processor based in the United States, Gemini exchange, Zodia Custody, and Ripple.
Ripple intends to provide crypto services to clients in the European Economic Area through registration after implementing the Markets in Crypto Assets Regulation (MiCA), a significant European cryptocurrency regulatory framework.
With a target implementation date of late 2024, MiCA endeavors to enhance investor protection and promote adherence to anti-money laundering regulations.
“The inclusion of Ripple Markets on the CBI’s list of registered virtual asset service providers is a major milestone for our company in the region,” said Eric van Miltenburg, senior vice president of strategic initiatives at Ripple. His further statement was:
“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.”
Ripple’s most recent regulatory accomplishments in Ireland occur nearly two years after the organization established its initial offices there. In February 2022, Ripple allegedly established an office in Dublin to introduce its services to the Irish market and the broader European continent.
In addition to its international growth, Ripple has made notable strides in resolving domestic legal matters, having achieved a substantial victory in its protracted legal dispute instigated by the U.S. Securities and Exchange Commission (SEC) in July 2023 and by selling the XRP cryptocurrency, the SEC alleged in its December 2020 lawsuit that Ripple unlawfully raised over $1.3 billion through an unregistered securities offering.
Recently, additional organizations similar to Coinbase have expanded their operations in Europe, particularly Ireland. Coinbase formally designated Ireland as its preferred European cryptocurrency center in October 2023.
