Ripple Secures VASP License In Ireland

Cryptocurrency payment network Ripple has successfully secured a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland (CBI). The development comes over a year after Ripple established an office in Dublin and applied for the license to expand into Europe. 

In 2021, CBI initiated the registration process for the VASP license. The approval process revolves around firms implementing proper anti-money laundering and countering the financing of terrorism provisions.

According to Ripple, the newly obtained license will allow Ripple Markets Ireland Limited, its Irish subsidiary, to provide a range of digital asset services to investors in the region.

The company added:

“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.”

Unlike national licenses that limit companies to operating only within the country of issuance, MiCA enables companies to use a single license in one country to operate across all 27 EU member states. The European Union introduced MiCA regulation to oversee the crypto market in the region.

Ripple had been actively expanding in various jurisdictions outside the US following the Securities and Exchange Commission’s (SEC) lawsuit in December 2020, which accused Ripple of violating federal securities laws. Moreover, the platform is seeking registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA).

Eric van Miltenburg, Ripple’s Chief Business Officer, emphasized the positive impact of regulatory clarity on the crypto and fintech ecosystem. He said the company selected Ireland as its primary base for the EU regulation. The country has positioned itself as a supportive jurisdiction for the crypto sector by providing regulatory clarity, Miltenburg added.

Other firms like Coinbase are expanding in Europe, especially in Ireland. In October, Coinbase officially declared Ireland as its European crypto hub of choice.

Ripple’s Business Expansion

In June 2023, the company secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). Additionally, the Dubai Financial Services Authority (DFSA) has approved the use of XRP tokens within the Dubai International Financial Centre (DIFC) ecosystem. Now, licensed crypto companies within the DIFC can include the XRP in their services. Besides, the company said it obtained a majority of its 35 money transmitter licenses (MTLs) in the US this year.