Central Bank of Ireland Grants License to Ripple’s Irish Subsidiary

Central Bank of Ireland Grants License to Ripple’s Irish Subsidiary

The Central Bank of Ireland (CBI) has made an important move in the cryptocurrency industry by granting a license to Ripple Markets Ireland Limited, Ripple’s Irish subsidiary. The license allows Ripple to operate as a registered Virtual Asset Service Provider (VASP) in Ireland. This article analyzes the significance of this development and its potential impact on Ripple’s operations.

As a registered VASP, Ripple can now facilitate the transfer of digital assets between various addresses or accounts on behalf of individuals or entities. Additionally, Ripple can offer services such as exchanging cryptocurrencies for fiat currencies, swapping between digital assets, and providing custodial services. This licensing is a crucial step for Ripple to offer specific digital asset services within Ireland. It also paves the way for expanding its services to clients across the European Economic Area when the new Markets in Crypto Assets Regulation (MiCA) comes into force in the near future. However, this expansion is subject to obtaining other necessary licenses.

Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed enthusiasm about the CBI’s approval, highlighting that Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry. Ripple’s decision to choose Ireland as its primary base for EU regulation is reinforced by the country’s pro-business environment. The regulatory clarity provided by Ireland and the broader EU helps boost confidence in the digital assets, payments, and fintech ecosystem. It demonstrates their commitment to the long-term development of these industries.

With Ripple’s licensing, the number of registered VASPs in Ireland has now reached eleven. Notable entities among them include payment processor MoonPay, Zodia Custody, and U.S.-based cryptocurrency exchanges Gemini and Coinbase. This growing network of VASPs signifies the increasing adoption and recognition of virtual assets in Ireland.

The licensing of Ripple’s Irish subsidiary adds to what has been a successful year for the cryptocurrency company. In July, Ripple won a significant legal victory against the U.S. Securities and Exchange Commission (SEC). Judge Analisa Torres ruled that certain programmatic sales of Ripple’s cryptocurrency XRP did not violate securities laws. However, direct sales to institutional buyers were deemed securities. Moreover, Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, obtained a license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore. These developments highlight Ripple’s progress in navigating regulatory challenges and expanding its global operations.

The Central Bank of Ireland’s licensing of Ripple’s Irish subsidiary as a registered VASP marks a significant advancement for Ripple’s regional operations. This approval allows Ripple to offer digital asset services in Ireland while positioning itself for future expansion across the European Economic Area. Furthermore, Ireland’s supportive jurisdiction for the virtual assets industry enhances confidence in the digital assets, payments, and fintech ecosystem. With the growing number of registered VASPs in Ireland and its legal victories, Ripple continues to solidify its position as a major player in the cryptocurrency industry.

Regulation

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