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Ripple Approved in Ireland, Eyes European Expansion

Ripple Approved in Ireland, Eyes European Expansion

The Central Bank of Ireland (CBI) officially registered Ripple among its Virtual Asset Service Providers (VASPs).

This allows Ripple Markets to operate as a registered VASP, offering digital asset services within Ireland.

Ripple expressed its intention to extend services across the European Economic Area after the Markets in Crypto Assets Regulation (MiCA) becomes effective by the end of 2024, following its registration.

MiCA, a regulatory framework in the European Union, aims to regulate virtual asset providers in the region. Ripple has been operating in Ireland since 2022 with an office in Dublin.

Contrary to assumptions, Ripple has actively expanded globally beyond the US since facing a lawsuit from the US Securities and Exchange Commission (SEC) in December 2020. The company is also seeking registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA).

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Senior Ripple executive Eric van Miltenburg emphasized that regulatory clarity in Ireland and the broader EU is boosting confidence in digital assets, payments, and the fintech ecosystem.

In June 2023, Ripple obtained the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). Additionally, the Dubai Financial Services Authority (DFSA) permitted the use of XRP tokens within the Dubai International Financial Centre (DIFC) ecosystem.

The company also confirmed acquiring the majority of its 35 money transmitter licenses (MTLs) in the US during 2023.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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