Ripple Labs, a leader in blockchain-based payments, has made a significant stride in the European market. The Central Bank of Ireland has awarded its local subsidiary, Ripple Markets Ireland Limited, the license to operate as a Virtual Asset Service Provider (VASP). This move allows Ripple to carry out various crypto-related transactions, including exchanges, transfers, and wallet custody.
Eric van Miltenburg, Ripple’s vice president of strategic initiatives, praised Ireland’s supportive stance towards the virtual assets industry. He emphasized Ireland’s role in bolstering confidence in the digital assets and fintech sectors by providing regulatory clarity. This development, he noted, reinforces Ripple’s decision to make Ireland its base for EU regulation.
The Central Bank of Ireland grants VASP licenses after thorough risk assessments, focusing on anti-money laundering and combating the financing of terrorism policies. Ripple’s achievement places it alongside prominent firms like Coinbase and Gemini on the bank’s VASP register.
Ripple’s ambitions extend beyond Ireland, with plans to expand services across the European Economic Area. This expansion is aligned with the upcoming Markets in Crypto Assets Regulation (MiCA), set to come into force at the end of 2024, contingent on obtaining necessary licenses.
Ripple’s licensure in Ireland marks a crucial step in its expansion and signifies the growing acceptance of blockchain technology and digital assets within the European financial framework. This milestone underscores Ripple’s commitment to compliance and innovation in the digital economy.
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