The Central Bank of Ireland (CBI) has officially recognized Ripple Markets as a registered Virtual Asset Service Provider (VASP). This pivotal development bolsters Ripple’s operations and marks a significant milestone.
Ripple’s New Chapter in Ireland
Inclusion in Ireland’s VASP list empowers Ripple Markets to offer specialized digital asset services within Ireland. This move is more than just a regulatory nod; it’s a catalyst for Ripple’s ambitious plans. Looking ahead, Ripple aims to extend its services throughout the European Economic Area. This expansion is contingent upon enacting the Markets in Crypto Assets Regulation (MiCA) by the end of 2024.
Additionally, the company completed the acquisition of additional necessary licenses.
Ripple’s choice of Dublin for its office in 2022 was no coincidence. Ireland has emerged as an attractive hub for innovative financial technology companies. The CBI’s establishment of an Innovation Hub in 2018 underscores this trend, offering fintech firms an informal platform to engage with regulators.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, regards the CBI’s decision as a crucial advancement. Ireland’s supportive stance toward the virtual assets sector makes it an ideal base for Ripple’s EU operations. The country’s regulatory clarity enhances confidence in the digital assets and fintech sectors, signaling a strong commitment to their long-term growth.
Global Regulatory Collaborations: Ripple’s Key Strategy
Ripple’s VASP registration in Ireland is part of a broader collaboration strategy with global regulators. This approach aims to leverage the advantages of blockchain and cryptocurrency for businesses and their clients.
In October 2023, Ripple Markets APAC Pte Ltd obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). Similarly, in the U.S., Ripple secured most of its 35 money transmitter licenses (MTLs) in 2023, a significant factor in enhancing customer experience.
XRP’s Milestone in Dubai’s Financial Hub
In another notable development, the Dubai Financial Services Authority (DFSA) approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC) in November 2023.
This approval enables licensed virtual asset firms in the DIFC to integrate XRP into their services. Ripple views this approval as a gateway to new regional payment solutions and virtual asset applications.
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