In a groundbreaking development, the Central Bank of Ireland (CBI) has granted regulatory approval to Ripple, the prominent cryptocurrency payment network, designating it as a virtual asset service provider (VASP). Ripple’s latest triumph, announced on December 19, solidifies its presence in Ireland, allowing the firm to offer specific digital asset services within the region.
Ripple’s Expansion into Ireland’s Regulatory Landscape
Ripple’s inclusion in the CBI’s list of registered VASPs empowers the company to facilitate transactions on behalf of individuals or entities, enabling the seamless transfer of digital assets between addresses or accounts. The approval extends to Ripple’s provision of crypto exchange services involving fiat currencies, inter-cryptocurrency exchanges, and custody services, as outlined in the CBI’s VASP register.
Noteworthy counterparts on the CBI’s VASP register include major cryptocurrency players such as Coinbase, MoonPay, Gemini exchange, and Zodia Custody. This recognition positions Ripple strategically within the burgeoning virtual assets industry, aligning with Ireland’s reputation as a supportive jurisdiction for cryptocurrency enterprises.
Ripple’s Strategic Move Towards the European Market
With this regulatory milestone, Ripple strategically aims to extend its cryptocurrency services to clients within the European Economic Area. This initiative aligns with the impending implementation of the Markets in Crypto Assets Regulation (MiCA), slated to take effect by the close of 2024. MiCA seeks to enhance investor protection and bolster compliance with Anti-Money Laundering laws across the European cryptocurrency landscape.
Commenting on the achievement, Eric van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, emphasized the significance of the CBI’s acknowledgment, stating, “The CBI’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.”
Ripple’s Ongoing Success Amidst Legal Battles
Ripple’s regulatory strides in Ireland come nearly two years after establishing its first offices in the country. The company set up operations in Dublin in February 2022, aiming to launch services in Ireland and cater to the broader European market. This expansion follows Ripple’s victory in a prolonged legal battle initiated by the U.S. Securities and Exchange Commission (SEC) in July 2023. The SEC’s lawsuit, filed in December 2020, alleged Ripple’s involvement in an unregistered securities offering, accusing the company of unlawfully raising over $1.3 billion through the sale of the XRP cryptocurrency.
Ripple and Coinbase’s European Endeavors
Coinbase, a key player in the cryptocurrency space, has also been fortifying its presence in Europe, notably in Ireland. In October 2023, Coinbase officially declared Ireland as its preferred European crypto hub. As these industry leaders navigate the complex regulatory landscape, their strategic moves set the stage for further developments in the European cryptocurrency market.
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