Central Bank of Ireland Grants Ripple VASP

Ripple Labs has broadened its presence by securing regulatory approval to operate in Ireland.

The Central Bank of Ireland has granted registration to Ripple's Irish subsidiary, Ripple Markets Ireland Limited.

This allows the blockchain company to operate as a Virtual Asset Service Provider (VASP), offering specific digital asset services in the country.

Ripple Move Towards European Market

Ripple sees this approval as a step towards establishing an extensive presence in the European market, with plans to extend its services to clients across Europe upon the full implementation of the Markets in Crypto Assets Regulation (MiCA) by the end of 2024.

Eric van Miltenburg, SVP, Strategic Initiatives, said:

"The Central Bank of Ireland’s addition of Ripple Markets to its list of registered virtual asset service providers is a significant step forward for our business in the region. Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation. By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries."

Ripple's Global Successes

This regulatory greenlight in Ireland adds to Ripple's global successes, including obtaining the Major Payments Institution license from the Monetary Authority of Singapore in October.

Operating through its Singapore subsidiary, Ripple Markets APAC Pte Ltd, the company is set to provide services to customers in the Asia-Pacific region.

In the United States, Ripple secured the majority of its 35 money transmitter licenses (MTLs) in 2023, aiming to leverage these licenses to create an unparalleled customer experience.

Further expanding its reach, Ripple received approval from the Dubai Financial Services Authority in November 2023, allowing the use of XRP within the Dubai International Financial Centre (DIFC).

This development enables licensed virtual asset enterprises in the DIFC to incorporate XRP in their virtual asset services, with Ripple anticipating new regional payment possibilities and virtual use cases on the XRP Ledger.