The Central Bank of Ireland has 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 expand its services to clients across the European Economic Area. The company is hopeful that the highly anticipated Markets in Crypto Assets Regulation (MiCA) will further facilitate this expansion. Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, commended the CBI’s decision and highlighted Ireland’s supportive jurisdiction for the virtual assets industry.
Ripple’s approval as a registered VASP in Ireland signifies a significant milestone for the company’s expansion. With this development, the number of registered VASPs in Ireland has increased to eleven, including prominent players like MoonPay, Zodia Custody, Gemini, and Coinbase. This recognition from the CBI reinforces Ripple’s decision to select Ireland as its primary base for EU regulation. The regulatory clarity provided by the CBI and the broader EU boosts confidence in the digital assets, payments, and fintech ecosystem, demonstrating their commitment to long-term development in these industries.
Ripple’s success in securing the CBI license comes after a pivotal legal victory 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. This ruling provided Ripple with a favorable outcome and positioned them positively within the cryptocurrency industry. Subsequently, 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.
The CBI’s approval of Ripple’s Irish subsidiary as a registered VASP showcases Ireland as a supportive jurisdiction for the virtual assets industry. This recognition contributes to Ireland’s reputation as an attractive location for businesses like Ripple to operate. The licensing of Ripple further solidifies the country’s commitment to fostering the growth and development of digital assets, payments, and fintech.
Ripple’s licensing by the Central Bank of Ireland is a significant milestone in the company’s journey. This approval allows Ripple to offer specific digital asset services within Ireland and expand across the European Economic Area once MiCA is enforced. The CBI’s recognition reinforces Ireland’s position as a supportive jurisdiction for the virtual assets industry and demonstrates the country’s commitment to fostering long-term development in this sector. Ripple’s success in securing regulatory clarity in both the United States and Singapore highlights its growing influence within the cryptocurrency market. With a strong foothold in various jurisdictions, Ripple is poised to continue its growth and innovation in the digital asset space.