The Central Bank of Ireland (CBI) has taken significant action by acknowledging that: Ripple (XRP) One of the registered Virtual Asset Service Providers (VASPs) has expanded the official profile of the company that developed the popular cryptocurrency XRP.
Central Bank Approval of Ripple Ireland
According to a recent announcement, Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has been included in the VASP registered with the Central Bank of Ireland. This registration enables Ripple Markets to offer certain digital asset services as a recognized VASP in Ireland. Ripple has expressed its intention to expand its services across the European Economic Area following the enactment of market regulations for cryptocurrency assets. (mica) Late 2024.
EU regulations for VASPs
MiCA, an influential law in the European Union, is the pivotal regulatory framework governing virtual asset providers in the region. Ripple’s market presence in Ireland dates back to 2022, when it established its headquarters in Dublin and prepared for upcoming EU regulatory changes. This move highlights Ripple’s commitment to complying with strong regulatory standards.
Expanding beyond U.S. borders
In a notable shift in strategy, Ripple has been actively expanding its global presence, particularly outside the United States. The expansion comes in response to legal action launched 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 efforts to register as a cryptocurrency asset company with the UK’s Financial Conduct Authority (FCA). Eric van Miltenburg, a senior executive at Ripple, emphasized the importance of regulatory clarity, saying Ireland and the wider EU were growing trust in the digital assets and fintech space.
Global regulatory approval of Ripple
Ripple’s pursuit of compliance extends beyond Ireland. In June 2023, it secured an application for a major payment institution license from the Monetary Authority of Singapore (MAS), Singapore’s central bank.
Additionally, the Dubai Financial Services Authority (DFSA) recently approved the use of XRP tokens within the Dubai International Financial Center (DIFC) ecosystem. Ripple also confirmed that it has secured most of its 35 Money Transmission Licenses (MTLs) in the United States throughout 2023, strengthening its compliance efforts globally.