Ripple secures VASP status in Ireland ahead of EU’s MiCA coming into force
“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.”
Ripple, a prominent player in the enterprise blockchain and crypto solutions industry, has recently been added to the Central Bank of Ireland’s list of registered Virtual Asset Service Providers (VASPs).
This inclusion in the VASP list is a significant development for Ripple, as it will enable its Irish subsidiary, Ripple Markets Ireland Limited (Ripple Markets), to offer specific digital asset services within Ireland.
Ripple to use VASP status to operate across Europe via MiCA framework
This registration is a key step for Ripple’s expansion plans. The company aims to provide services across the European Economic Area following the implementation of the Markets in Crypto Assets Regulation (MiCA), which is expected to be in effect by the end of 2024. However, this expansion is contingent upon acquiring other necessary licenses.
Ripple’s decision to establish an office in Dublin in 2022 aligns with Ireland’s growing reputation as a supportive environment for fintech and virtual assets industries.
The Central Bank of Ireland, recognizing the potential of this sector, established an Innovation Hub in 2018. This hub fosters engagement between fintech firms and the regulator in a less formal setting, encouraging innovation and growth in the sector.
“A great place for businesses like Ripple’s to operate”
Eric van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple, highlighted Ireland’s favorable stance towards the virtual assets industry and its role in reinforcing Ripple’s decision to choose Ireland as its primary base for EU regulation.
“The Central Bank of Ireland’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. Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.
“By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.”
Ripple also holds licenses in the US, Singapore, Dubai
Ripple’s efforts in securing regulatory compliance extend beyond Ireland. In October 2023, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). In the U.S., Ripple has successfully acquired the majority of its 35 money transmitter licenses (MTLs) in 2023, an essential factor in building and delivering superior customer experiences.
Furthermore, in November 2023, the Dubai Financial Services Authority (DFSA) granted approval for the use of Ripple’s digital asset XRP within the Dubai International Financial Centre (DIFC).
This approval enables licensed virtual asset firms within the DIFC to incorporate XRP into their services. Ripple, being a key developer and user of the XRP Ledger, views this approval as an opportunity to explore new payment and virtual asset applications in the region.
Ripple Markets’ registration in Ireland is now officially listed on the Central Bank of Ireland’s website, under the ‘Register of Virtual Asset Service Providers’ section. This public listing provides transparency and easy access to information regarding registered VASPs, including Ripple Markets.