- Ripple has scored a big win in Ireland.
- The company’s Irish subsidiary made it to the central bank’s VASP registry.
- Ripple will offer certain services locally following the registration.
Enterprise blockchain and crypto solutions company Ripple has secured a landmark registration status in Ireland, allowing the firm to spread its tentacles in the European Economic Area.
The development comes over a year after Ripple opened an office in Dublin. The company established its Irish subsidiary, Ripple Markets Ireland Limited, and applied for a license to expand its European operations.
Ripple Secures VASP Registration in Ireland
In a press release dated December 19, Ripple announced that the Central Bank of Ireland (CBI) has added its Irish subsidiary to its list of registered Virtual Asset Service Providers (VASPs).
Per the statement, the registration approval aligns with Ripple’s business goals, allowing its local subsidiary to provide “certain digital asset services” within Ireland.
While Ripple didn’t specify the types of services it intends to offer, the company stated that the registration approval would allow it to expand its offerings to other parts of Europe once the MiCA crypto regime is enacted.
“Following the registration, Ripple will seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licences,” the statement read.
Ripple’s SVP of Strategic Initiatives, Eric van Miltenburg, notably lauded Ireland’s “supportive jurisdiction” for the crypto industry.
Ireland as a Crypto Hub
According to Miltenburg, Ireland has positioned itself as a supportive virtual assets industry jurisdiction and ” a great place for businesses like Ripple’s to operate.”
“By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries,” Miltenburg stated.
Besides Ireland’s win, Ripple secured its Major Payments Institution (MPI) license from Singapore’s MAS in October. The company also has 35 money transmitter licenses (MTLs) in the U.S.
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