Ripple Gets Initial Approval By Central Bank Of Ireland To Offer Digital Asset Services, Continuing Its Expansion Across The Globe
By Benzinga
The Central Bank of Ireland (CBI) has officially registered Ripple Markets Ireland Limited, a subsidiary of Ripple (CRYPTO: XRP), as a Virtual Asset Service Provider (VASP), enabling it to offer specific digital asset services in the country.
The inclusion of Ripple Markets in the CBI's list of registered VASPs marks a strategic advancement for Ripple's operations in the region.
With this registration, Ripple is set to extend its services to clients across the European Economic Area following the implementation of the Markets in Crypto Assets Regulation (MiCA) at the end of 2024.
This expansion is contingent on obtaining other necessary licenses.
Ripple's decision to open an office in Dublin in 2022 aligned with Ireland's growing reputation as a hub for financial technology innovation.
The CBI's establishment of an Innovation Hub in 2018 facilitated a more informal engagement between fintech firms and the regulator, further enhancing Ireland's appeal to companies like Ripple.
Eric van Miltenburg, senior vice president of Strategic Initiatives at Ripple, expressed that the CBI's decision was a significant step for Ripple's business in the region.
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He highlighted Ireland's supportive stance towards the virtual assets industry and its role in providing regulatory clarity and boosting confidence in the digital assets, payments and fintech ecosystem.
In 2023, Ripple's Singapore subsidiary secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
In the U.S., Ripple obtained the majority of its 35 money transmitter licenses (MTLs) in the same year, enhancing its ability to deliver top-tier customer experiences.
Furthermore, in November 2023, the Dubai Financial Services Authority (DFSA) approved the use of Ripple's digital asset XRP within the Dubai International Financial Centre (DIFC).
This approval allows licensed virtual asset firms in the DIFC to incorporate XRP into their services, potentially unlocking new payment and virtual asset use cases on the XRP Ledger.
Photos: Shutterstock
