Ripple, a prominent blockchain company, has achieved a significant regulatory milestone by securing the registration of its Irish subsidiary, Ripple Markets Ireland Limited, in the Central Bank of Ireland’s list of Virtual Asset Service Providers (VASPs).
Ripple Gains Key Regulatory Approval in Ireland, Bolstering Its Blockchain Presence
Ripple has achieved a notable regulatory success with the registration of its subsidiary, Ripple Markets Ireland Limited, as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.
Announced on December 20, this registration cements Ripple’s dedication to collaborating with regulators globally and promoting the integration of blockchain and cryptocurrency technologies in the business world.
Eric van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple, lauded the Central Bank of Ireland’s decision as a significant milestone, affirming Ripple’s strong foothold in the region. He praised Ireland’s welcoming approach towards the virtual assets sector, which has established the country as an attractive hub for companies like Ripple.
This favorable environment, according to van Miltenburg, has played a pivotal role in Ripple’s decision to base its primary operations for EU regulation in Ireland. The country’s clear regulatory framework not only boosts confidence in the digital assets and fintech ecosystem but also signifies a commitment to the long-term growth of these industries.
Stuart Alderoty, Ripple’s Chief Legal Officer, also emphasized the importance of this development. He pointed out that the registration highlights Ripple’s remarkable momentum in 2023, showcasing its successful navigation of the regulatory landscape and reinforcing its position as a leading player in the blockchain and fintech sectors.
Ripple’s Regulatory Footprint Expands Across Key Global Financial Hubs
Ripple is significantly advancing its global regulatory compliance efforts. Ripple’s Singapore subsidiary was recently granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS) in October 2023.
In the United States, Ripple has successfully acquired the majority of its 35 money transmitter licenses (MTLs) within the same year, showcasing its dedication to operating within the legal frameworks of one of the world’s largest economies.
Adding to these achievements, Ripple marked another regulatory victory in November 2023 when the Dubai Financial Services Authority (DFSA) authorized the use of XRP within the Dubai International Financial Centre (DIFC).
This approval allows licensed virtual asset firms in the DIFC to integrate XRP, the native asset of the XRP Ledger (XRPL), into their services. This is a significant endorsement for Ripple and the XRP Ledger, as it opens up new opportunities for regional payment solutions and other applications in the virtual asset space.
Ripple, recognized as a key player and contributor to the XRPL, perceives this approval as a crucial step in fostering innovative payment solutions and expanding the use of virtual assets in the Middle East.