Summary
Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has been added to the list of Virtual Asset Service Providers (VASPs) by the Central Bank of Ireland. This allows Ripple Markets to offer digital asset services in Ireland. Ripple plans to expand its services across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) is implemented in 2024.
Introduction
Ripple, a prominent cryptocurrency firm, has gained another foothold outside the US as its Irish subsidiary, Ripple Markets Ireland Limited, has been registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. This registration enables Ripple Markets to offer digital asset services in Ireland, and the company plans to extend its services to clients across the European Economic Area in the future.
Main Points
- Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has been added to the list of registered Virtual Asset Service Providers (VASPs) by the Central Bank of Ireland.
- This registration allows Ripple Markets to offer certain digital asset services in Ireland.
- Ripple will seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into effect in 2024.
- Ripple has been strategically expanding its operations outside the US following a lawsuit filed by the US Securities and Exchange Commission (SEC) in December 2020.
- The Financial Conduct Authority (FCA) in the UK and the Monetary Authority of Singapore (MAS) are potential regulators that Ripple is considering for crypto asset firm registration.
- Ripple has recently obtained approval from the Dubai Financial Services Authority (DFSA) for XRP tokens to be used within the DIFC ecosystem.
- In 2023, Ripple claimed to have acquired most of its 35 money transmitter licenses (MTLs) in the US.
Conclusion
Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has been registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. This allows Ripple to offer digital asset services in Ireland and paves the way for expansion into the European Economic Area in the future. Ripple has been strategically expanding its operations outside the US, seeking regulatory approvals in various jurisdictions and acquiring licenses to further its presence in the cryptocurrency market.