Blockchain-based payments company Ripple Labs can now offer certain digital asset services in Ireland.
In a new statement, the San Francisco-based company says the Central Bank of Ireland (CBI) has just granted its local subsidiary, Ripple Markets Ireland Limited, the license to operate as a Virtual Asset Service Provider (VASP).
VASPs can conduct transactions involving crypto assets on behalf of customers, including exchanges, transfers, wallet custody, and crypto-related financial services.
Says Ripple vice president of strategic initiatives, Eric van Miltenburg,
“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for companies like Ripple to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.
By providing regulatory clarity to the sector, Ireland – and the EU more broadly – is increasing confidence in the digital asset, payments and fintech ecosystem and demonstrating its commitment to the long-term development of these industries.”
The CBI says it grants the VASP license to companies with satisfactory anti-money laundering and counter-terrorist financing (AML/CFT) policies and procedures, after a risk-based assessment process.
Other companies on the central bank’s VASP register include crypto exchanges Coinbase and Gemini and online payments company Paysafe.
Ripple says it now wants to operate in more jurisdictions in Europe.
“Ripple will seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licenses.”
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