Ripple has received a registration from the Central Bank of Ireland (CBI) to operate as a Virtual Asset Service Provider (VASP) in the country.
The development, announced by Ripple in a recent press release, will enable the San Francisco-based fintech company to offer certain digital asset services within Ireland, such as facilitating transactions and transfers of virtual assets.
The Ireland License
Due to the registration, Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, is now listed on the Register of Virtual Asset Service Providers on the CBI website.
This registration is a significant milestone for Ripple, as it will support its business expansion in Europe, once the Markets in Crypto Assets Regulation (MiCA) comes into effect next year. Ripple will need to obtain other necessary licenses to comply with the MiCA framework.
Ripple established its first EU office in Dublin last February, recognising Ireland’s favorable environment for innovation. The CBI has been supportive of the virtual assets industry, launching an Innovation Hub in 2018 to allow fintech firms to interact with the regulator in an informal way.
The recent registration secured by Ripple reaffirms Ireland’s favorable stance on digital asset and blockchain-focused firms. Recall that Ripple’s Managing Director for Europe said in July that the firm was looking to apply for a license in Ireland.
Ripple CLO Stuart Alderoty also disclosed last year that the company is seeking an Irish license to operate as a Virtual Asset Service Provider in the country amid the regulatory uncertainty in the United States. The firm has now successfully achieved this goal.
Ripple 2023 Compliance Milestones
Speaking on the development, Alderoty emphasized that the firm has capped its incredible momentum this year with the Irish license. He further called attention to the progress Ripple has made this year regarding operational licenses.
Capping off incredible momentum in 2023 with @centralbank_ie approving Ripple as a registered VASP to offer compliant crypto services. This year, we also received our full Major Payments Institution license from @MAS_sg and the Dubai Financial Services Authority approved XRP for… https://t.co/PfKtv7PGzZ
— Stuart Alderoty (@s_alderoty) December 20, 2023
Eric van Miltenburg, SVP, Strategic Initiatives, at Ripple, said: “We are delighted that the CBI has registered Ripple Markets as a VASP. This is a major step forward for our business in the region.”
Ripple’s VASP registration in Ireland is part of its global efforts to work with regulators and bring the benefits of crypto and blockchain technology to enterprises and their customers, the press release says.
In October 2023, Ripple’s subsidiary in Singapore clinched a payment license from the Singapore’s central bank, Monetary Authority of Singapore (MAS). In the U.S., Ripple has secured most of its 35 money transmitter licenses this year.
Moreover, in November 2023, the Dubai Financial Services Authority (DFSA) approved XRP for use within the Dubai International Financial Centre (DIFC). This means that licensed virtual asset firms within the DIFC can now use XRP.
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