Ripple is now registered as a virtual asset service provider with the Central Bank of Ireland. The company explained that it will “seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licenses.”
Ripple Now Registered in Ireland
Ripple announced Tuesday that the Central Bank of Ireland (CBI) has added its Irish subsidiary Ripple Markets Ireland Ltd. to its list of registered virtual asset service providers (VASPs). The regulator’s website states that companies are registered for anti-money laundering and countering the financing of terrorism purposes under Section 106A of the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021.
The announcement details:
Following the registration, Ripple will seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licences.
The crypto firm established its Dublin office in 2022. Ripple explained that Ireland has a growing reputation as an attractive location for companies involved in developing innovative technologies for financial services.
Eric van Miltenburg, Ripple’s senior vice president for Strategic Initiatives, commented: “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.”
In October, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd., secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). During the same year, Ripple acquired the majority of its 35 money transmitter licenses (MTLs) in the U.S.
Furthermore, the Dubai Financial Services Authority (DFSA) approved XRP for utilization within the Dubai International Financial Centre (DIFC) in November. This approval enables licensed crypto firms in the DIFC to integrate XRP into their virtual asset services.
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