Ripple, the cryptocurrency payment network, has been approved as a virtual asset service provider by the Central Bank of Ireland (CBI). On December 19, Ripple joined the CBI’s list of registered VASPs, allowing it to provide digital asset services in Ireland.
According to the CBI’s VASP register, Ripple can now execute transactions on behalf of persons or companies, allowing digital assets to travel between addresses or accounts. Cryptocurrency trading against fiat currencies, cryptocurrency exchanges, and custody services are approved.
In the CBI’s VASP registry, Ripple joins Coinbase, Gemini, MoonPay, and Zodia Custody as significant Irish cryptocurrency startups.
![Ripple secures Irish license to offer digital asset services image 78](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/12/image-78.png?resize=997%2C895&ssl=1)
![Ripple secures Irish license to offer digital asset services image 78](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/12/image-78.png?resize=997%2C895&ssl=1)
Ripple hopes to offer its cryptocurrency services to European Economic Area clients with this regulatory license, especially with the Markets in Crypto Assets Regulation (MiCA) coming soon. MiCA aims to protect investors and improve Anti-Money Laundering compliance by 2024.
This regulatory milestone was highlighted by Ripple’s Senior Vice President of Strategic Initiatives, Eric van Miltenburg, who noted Ireland’s support for the virtual assets market. He said Ireland is a great place for Ripple to operate, supporting its decision to base its EU regulation there.
Nearly two years after opening its first offices in Ireland, Ripple achieved this regulatory milestone, demonstrating its commitment to extending its services in the region and supporting the European market. Ripple opened its Dublin office in February 2022 to take advantage of Ireland’s favorable regulations.
Beyond its global expansion, Ripple has been actively addressing legal challenges, winning a July 2023 SEC lawsuit. XRP cryptocurrency sales raised approximately $1.3 billion in an unregistered securities offering, according to the SEC’s December 2020 lawsuit.
Coinbase, another big bitcoin operator, has been expanding in Europe, particularly Ireland. Coinbase named Ireland its European crypto hub in October 2023, highlighting the region’s growing importance in the bitcoin sector.
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