The approval marks a huge milestone for the cryptocurrency and blockchain
Cryptocurrency payments platform Ripple has achieved another regulatory landmark in Ireland, as the Central Bank of Ireland (CBI) has approved the company as a virtual asset service provider (VASP).
Ripple made the announcement on December 19, saying it is now on the CBI’s list of registered VASPs, authorizing the company to provide specific digital asset services in the country. According to information from the CBI’s VASP register, Ripple can complete transactions on behalf of another legal person who transfers digital assets from one account to another. It can also deliver crypto exchange services against fiat currencies, exchange among different cryptocurrencies and custody services.
Ripple seeks to provide crypto services to customers within the European Economic Area after it accepted major European crypto regulations called the Markets in Crypto Assets Regulation (MiCA), which is expected to go into effect at the end of 2024. MiCA looks to improve investor protection and compliance with Anti-Money Laundering regulations.
“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,” said Eric van Miltenburg, senior vice president of strategic initiatives for Ripple.
Ripple opened its first offices in Dublin in February 2022 with a plan to launch in Ireland and serve the broader European market.
Ripple has also dealt with legal issues at home and gained a significant win in its long-running legal fight prompted by the US Securities and Exchange Commission (SEC) in July 2023. The SEC charged Ripple with illegally raising over $1.3 billion from unregistered securities from sales of the XRP cryptocurrency.
Coinbase and other firms have also increased their presence in Europe. The company officially declared Ireland its chosen European crypto hub In October 2023.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
