The Central Bank of Ireland (CBI) has licensed Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP), according to a December 19 statement.
According to the information on the CBI website, a registered VASP can facilitate the transfer of digital assets between different addresses or accounts on behalf of an individual or entity. A VASP can also offer services such as exchanging cryptocurrencies for fiat currency, swapping between digital assets, and offering custody services.
Ripple has an eye for further European expansion
Ripple further said that the license will allow the company to offer specific digital asset services within Ireland and expand its services to customers in the European Economic Area once the long-awaited Markets in Crypto Assets Regulation (MiCA) comes into effect next year. However, this expansion is subject to the acquisition of other necessary licenses.
Eric van Miltenburg, SVP Strategic Initiatives at Ripple, expressed his excitement about the CBI approval and said the company’s inclusion by the authorities represents significant progress for our regional operations.
Miltenburg added:
“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.”
Following Ripple’s approval, the number of registered VASPs in Ireland has risen to eleven, including notable entities such as payment processor MoonPay, Zodia Custody and US-based cryptocurrency exchanges Gemini and Coinbase.
Rollercoaster years
Meanwhile, the development in Ireland adds yet another dimension to what has been a largely successful year for the cryptocurrency company.
In July, Ripple scored a pivotal case against the U.S. Securities and Exchange Commission (SEC) after Judge Analisa Torres ruled that certain programmatic sales of Ripple’s cryptocurrency XRP did not violate securities laws. However, other direct sales to institutional buyers were considered securities.
Subsequently, the company’s subsidiary, Ripple Markets APAC Pte Ltd, was licensed by the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country.