Ripple Looking To Obtain A License in Ireland in EU Expansion Plot.
Ripple Labs is looking to procure a license in Ireland to penetrate the European Union market.
Amid its legal tussle with the SEC, an American technology company has its eyes set abroad as it looks to obtain an operational license in Ireland in an elaborate attempt to penetrate the European Market, CNBC reports.
In a recent interview with CNBC, Stuart Alderoty, General Counsel at Ripple, disclosed that Ripple is seeking to procure a Virtual Asset Service Provider (VASP) license from the Irish authorities. According to Alderoty, Ripple’s ultimate goal is to bring its services to a broader EU market through an affiliated entity already domiciled in Ireland.
Alderoty highlighted the challenges faced by the firm in the United States despite having the country as its base. These challenges have been prompted by the ongoing legal battle with the US Securities and Exchange Commission (SEC), which sued the firm two years ago for selling XRP without prior registration – a token the regulatory watchdog regards as securities.
Due to the impediments faced within the US, Ripple has set its eyes abroad as it goes on an expansion path. The penetration of the Irish market is part of the firm’s broader plan, as it will give it a base through which it will extend its reach in the EU. Alderoty noted that the firm already has two employees stationed in Ireland. Additionally, he revealed that most of Ripple’s business activities are currently abroad.
Alderoty tells CNBC:
” Ripple is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can “passport” its services throughout the European Union via an entity based there.”
In addition to the application for a VASP license in Ireland, Ripple plans to pursue an electronic money license from the Irish authorities in a short while, says Alderoty. This underlines the firm’s dedication to bringing its services to the global scene, one bloc at a time.
Ripple has been establishing partnerships with several private and public financial entities across different jurisdictions, from Europe, Africa to the Middle East. These expansion moves come when several crypto firms are hit hard by the prevalent Crypto Winter.
On Monday, Ripple announced a partnership with Africa’s largest mobile money interoperability hub, MFS Africa. The partnership would see MFS Africa leverage Ripple’s On-Demand Liquidity solution to provide mobile money services to customers in 35 countries.
Earlier this month, The Crypto Basic highlighted Crypto Oasis UAE’s report on Ripple. The blockchain-based ecosystem discussed Ripple’s increasing impact in the blockchain space within the Middle East and North Africa (MENA) region through different partnerships with central banks and private financial entities.
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