
- Ripple has scored a big win in Ireland.
- The companyโs Irish subsidiary made it to the central bankโs 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).
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Per the statement, the registration approval aligns with Rippleโs business goals, allowing its local subsidiary to provide โcertain digital asset servicesโ within Ireland.
While Ripple didnโt 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.
โFollowing 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,โ the statement read.
Rippleโs SVP of Strategic Initiatives, Eric van Miltenburg, notably lauded Irelandโs โsupportive jurisdictionโ 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 Rippleโs to operate.โ
โBy providing regulatory clarity for the industry, Ireland โ and the EU more broadly โ are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries,โ Miltenburg stated.
Besides Irelandโs win, Ripple secured its Major Payments Institution (MPI) license from Singaporeโs MAS in October. The company also has 35 money transmitter licenses (MTLs) in the U.S.
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