Ripple’s regulatory victory officially joins Central Bank of Ireland’s VASP list

Compilation: Blockchain Knights

Blockchain company Ripple has announced the inclusion of its Irish subsidiary Ripple Markets Ireland Limited on the Central Bank of Ireland’s VASP (registered digital asset service provider) list, in a series of This move undoubtedly marks another important milestone in Ripple’s regulatory achievements.

Ripple’s registration as a VASP further solidifies its commitment to working closely with global regulators to advance blockchain and Crypto assets, according to the company’s December 20 announcement. Applications and benefits of technology in the corporate world.

Ripple Senior Vice President of Strategic Initiatives Eric van Miltenburg emphasized the importance of the decision to join the Central Bank of Ireland’s VASP list, saying it marked an “important milestone” for Ripple’s development in the region.

In addition, van Miltenburg further emphasized Ireland’s “supportive” stance towards the digital asset industry and the reasons for using Ireland as a favorable operating base for companies such as Ripple:

Ireland will itself Positioning itself as a jurisdiction that supports the digital asset industry and is therefore an ideal location for businesses like Ripple to operate underpinned our decision to choose Ireland as the main base for EU regulation.

By providing regulatory clarity for the industry, Ireland and the EU as a whole are increasing confidence in the digital assets, payments and fintech ecosystemand demonstrating their commitment to these Commitment to long-term development of the industry.

Stuart Alderoty, chief legal officer of Ripple, emphasized the significance of registration with the Central Bank of Ireland and highlighted the company’s “significant momentum” in 2023.

Ripple’s strategic focus on regulatory compliance extends beyond Ireland.

In October 2023, Ripple’s Singapore subsidiary obtained a major payment institution license from the Monetary Authority of Singapore. Additionally, the blockchain company was awarded most of the 35 money transfer licenses in the United States in the same year.

In addition, In November 2023, the Dubai Financial Services Authority approved the use of XRP in the Dubai International Financial Center.

The approval enables licensed digital asset companies within the DIFC to include XRP in their digital asset service scope.

As a major contributor and user of XRP Ledger, Ripple sees this approval as “a catalyst to unlock new regional payment solutions and other digital asset use cases on the network”.