- Ripple has strategically ventured into the European crypto market through Ireland’s VASP registration.
- Regulatory clarity in Ireland has heralded a supportive landscape for Ripple’s digital asset services.
- Ripple has executed a broader global strategy, connecting continents for cross-border payments.
In a major move for the company and the European crypto landscape, Ripple has secured its registration as a Virtual Asset Service Provider (VASP) in Ireland, opening the door for its expansion across the European Economic Area (EEA).
Ripple Breaks Ground in European Crypto Market
This landmark development comes over a year after Ripple established its Irish subsidiary, Ripple Markets Ireland Limited, and marks the culmination of its efforts to gain a foothold in the European crypto market.
The registration allows Ripple to offer “certain digital asset services” within Ireland, with the full range of services set to be revealed once regulatory frameworks like the Markets in Crypto Assets Regulation (MiCA) are enacted by the end of 2024.
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“Following the registration, Ripple will seek to provide services to clients across the European Economic Area once MiCA comes into force,” the company announced, highlighting its ambitious European aspirations.
Ripple’s SVP of Strategic Initiatives, Eric van Miltenburg, lauded Ireland’s “supportive jurisdiction” for the crypto industry, stating that it “provides regulatory clarity and demonstrates commitment to the long-term development of the digital assets, payments, and fintech ecosystem.”
This sentiment echoes a growing chorus within the crypto community, with many seeing Ireland’s regulatory framework as a beacon of stability and opportunity.
Beyond Ireland
Ireland’s VASP registration is just one piece of Ripple’s global expansion puzzle. The company secured a Major Payments Institution license from Singapore’s MAS in October. It boasts 35 money transmitter licenses in the U.S., showcasing its commitment to building a robust global network for cross-border payments and digital asset services.
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For Ripple, the Irish VASP registration marks an entry point into the European market and a strategic move towards solidifying its position as a leading player in the global digital asset ecosystem. Ripple’s Irish expansion positions it to capitalize on the growing demand for secure and efficient cross-border transactions in the European market.
On the Flipside
- While Ripple’s achievements in Ireland and other global licenses are noteworthy, the company still grapples with ongoing legal challenges in the United States.
Why This Matters
Ripple’s successful registration as a VASP in Ireland signifies a crucial step in its European expansion, setting the stage for wider accessibility of its digital asset services across the EEA. This move marks Ripple’s strategic foothold in Europe and underscores the increasing viability and acceptance of cryptocurrencies within established regulatory frameworks.
To learn more about Ripple’s VASP registration in Ireland and its expansion plans in Europe, read here:
Ripple Secures VASP Crypto Registration Status in Ireland
To learn more about Ripple’s VASP registration in Ireland and its expansion plans in Europe, read here:
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