The Central Bank of Ireland (CBI) has made a significant move by acknowledging Ripple (XRP) as one of the registered Virtual Asset Service Providers (VASPs), extending official recognition to the company behind the notable cryptocurrency XRP.
Ripple Ireland’s Acknowledgement by Central Bank
The recent announcement revealed that Ripple Markets Ireland Limited, the Irish subsidiary of Ripple, has been included among the registered VASPs by the Central Bank of Ireland. This registration empowers Ripple Markets to offer specific digital asset services within Ireland as a recognized VASP. Ripple expressed intentions to expand its services across the European Economic Area following the enactment of the Markets in Crypto Assets Regulation (MiCA) at the end of 2024.
EU Regulation for VASPs
MiCA, an influential legislation in the European Union, stands as a pivotal regulatory framework for governing virtual asset providers in the region. Ripple’s market presence in Ireland traces back to 2022, establishing its headquarters in Dublin, and positioning itself for the upcoming EU regulatory changes. This move underscores Ripple’s commitment to adhering to robust regulatory standards.
Expansion Beyond the US Borders
In a notable shift of strategy, Ripple has been actively broadening its global footprint, notably outside the United States. This expansion came in response to the legal action initiated by the U.S. Securities and Exchange Commission (SEC) in December 2020, accusing Ripple of violating federal securities laws.
The company’s efforts also include seeking registration as a crypto asset firm under the UK’s Financial Conduct Authority (FCA). Eric van Miltenburg, a senior executive at Ripple, emphasized the significance of regulatory clarity, stating that Ireland and the broader EU are fostering confidence in the digital assets and fintech domain.
Ripple’s Global Regulatory Approvals
Ripple’s pursuit of regulatory compliance extends beyond Ireland. In June 2023, it secured a Major Payments Institution License application from Singapore’s central bank, the Monetary Authority of Singapore (MAS).
Additionally, the Dubai Financial Services Authority (DFSA) recently sanctioned the use of XRP tokens within the Dubai International Financial Centre (DIFC) ecosystem. Ripple further confirmed its acquisition of the majority of its 35 money transmitter licenses (MTLs) in the US throughout 2023, solidifying its regulatory compliance efforts globally.
