Blockchain payments company Ripple has scored another regulatory milestone, with the Central Bank of Ireland (CBI) approving the firm as a virtual asset service provider (VASP) in the country.
Ripple Wins Virtual Asset Service Provider License In Ireland
Ripple has been granted a license to operate specified virtual asset service activities in the Republic of Ireland ahead of the implementation of the MiCA law next year.
According to the Dec 19 announcement, Ripple Markets Ireland Limited has been added to the Central Bank of Ireland’s list of registered virtual asset service providers. This pivotal moment for Ripple fortifies its presence in Ireland and lays the foundation for its expansion in the European market.
The Irish license allows Ripple to perform transactions on behalf of another natural or legal person who transfers crypto assets from one account to another. Ripple is also permitted to provide crypto exchange services against fiat currencies, as well as exchange between various cryptocurrencies and offer custody services.
Eric van Miltenburg, senior vice president of Strategic Initiatives at Ripple, expressed enthusiasm about the CBI’s addition of Ripple Markets to its list of registered virtual asset service providers, noting that it marks a significant step forward for their regional operations. He added:
“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.”
Crypto-focused firms have been foraying into the EU due to its advancements in regulating the industry. The bloc’s wide-ranging Markets in Crypto Assets (MiCA) bill, which promises to create a licensing regime that will allow companies to operate in all of its 27 jurisdictions, will come into effect by the end of 2024.
An Eventful Year
It’s worth mentioning that the approval in Ireland only adds another positive development to what has been a largely successful year for Ripple.
In July, Ripple notched a major win against the U.S. Securities and Exchange Commission after Judge Analisa Torres declared that the sale of XRP tokens to institutional investors did constitute illegally unregistered securities offerings. And in October, the securities regulator voluntarily dismissed charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
The San Francisco-based company subsequently obtained in-principle approval for a major payments institution license in Singapore. Back in the U.S., Ripple revealed it also secured the majority of its 35 money transmitter licenses in 2023.
XRP was trading for $0.62 at publication time, having risen 2.7% in the last 24 hours. The positive developments in the XRP ecosystem have made analysts and investors bullish about the token.
Meanwhile, SEC and Ripple remain in a remedies-related discovery process over the company’s $770 million worth of XRP sales to institution investors.