Ripple Obtains Regulatory Approval to Offer Digital Asset Services in Ireland

Jimmy Aki
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Cryptocurrency payment firm Ripple has successfully obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland (CBI).

Deep Dive Into Ripple’s Latest Expansion

In a press release dated December 20, Ripple announced that it has received regulatory approval from the Central Bank of Ireland (CBI), allowing the San Francisco-based fintech company to offer specific digital asset services in Ireland.

According to CBI’s VASP register, Ripple Markets Ireland Limited is officially authorized as a registered VASP, with full approval to provide specific digital asset services in the region.

Expressing his excitement about the approval, Eric van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, described the recognition as a significant advancement for the company’s regional operations.

He underscored Ireland’s role as a supportive jurisdiction for the virtual assets industry, reinforcing Ripple’s choice of Ireland as its primary base for European Union (EU) regulation.

However, recognizing the need for further compliance, Ripple is obtaining additional licenses to ensure a thorough alignment with the Markets in Crypto Assets Regulation (MiCA) framework.

This regulatory framework, rooted in the European Union, aims to fortify investor protection and reinforce compliance with anti-money laundering (AML) measures.

Meanwhile, Ripple underwent intricate regulatory scrutiny in the United States, including a lawsuit filed by the Securities and Exchange Commission (SEC) in December 2020.

The SEC’s allegations centered around $1.3 billion raised through unregistered and digital asset securities offerings. This legal encounter has influenced Ripple’s strategic decision-making, prompting a more comprehensive approach to regulatory compliance in its operational regions.

With Ripple’s approval, the number of registered VASPs in Ireland has reached eleven, including well-known entities such as payment processor MoonPay, Zodia Custody, and prominent US-based cryptocurrency exchanges Gemini and Coinbase.

Ripple’s 2023 Regulatory License Milestones

Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), emphasized the importance of the Irish license, considering it the culmination of the company’s remarkable momentum throughout the year.

He highlighted Ripple’s strides in obtaining operational licenses, illustrating the company’s unwavering commitment to regulatory compliance and global expansion efforts.

The VASP registration in Ireland is a key element of Ripple’s overarching initiative to collaborate with regulators globally. The primary objective is to streamline the integration of crypto and blockchain technology into enterprises, ultimately benefiting their customers.

Alderoty also outlined a timeline of other significant regulatory milestones for Ripple in 2023. On October 3, Ripple’s subsidiary in Singapore successfully secured a payment license from the Monetary Authority of Singapore (MAS).

In the US, the company also obtained a substantial number of money transmitter licenses throughout the year, showcasing a comprehensive approach to regulatory compliance.

Furthermore, in November 2023, the Dubai Financial Services Authority (DFSA) approved XRP, Ripple’s native cryptocurrency, for use within the Dubai International Financial Centre (DIFC).

This approval empowers licensed virtual asset firms within the DIFC to utilize XRP, expanding the cryptocurrency’s acceptance and utility in the region.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.