Ripple Secures Central Bank of Ireland Approval, Eyes European Expansion


Ripple, a leading blockchain, has registered on the Central Bank of Ireland’s Virtual Asset Service Providers (VASPs) list. This registration allows Ripple to provide specific digital asset services in Ireland. It also positions the company for further growth across the European Economic Area (EEA).

The addition to the VASP Register marks a significant milestone for Ripple. It reinforces its standing in Ireland and paves the way for an extended presence in the broader EEA. 

Ripple Markets Ireland Limited, the company’s Irish subsidiary, is now officially recognised as a registered VASP. The recognition enables it to offer tailored digital asset services within the Irish market. 

Ireland’s Fintech Hub Grows with Ripple’s Expansion and Global Vision

Ireland’s position as a fintech hub is evident with the establishment of the Central Bank of Ireland’s Innovation Hub in 2018. Ripple’s decision to open its Dublin office in 2022 aligns with Ireland’s supportive environment for virtual assets and fintech businesses.

Looking beyond Ireland, Ripple aims to extend its services across the European Economic Area (EEA). This follows the anticipated Markets in Crypto Assets Regulation (MiCA) implementation at the end of 2024. This forward-looking strategy shows Ripple’s ambition to lead in shaping the crypto regulatory framework in Europe.

Ripple’s commitment to global regulatory compliance is evident in its operations beyond European borders. Ripple Markets APAC Pte Ltd secured a Major Payments Institution (MPI) license in Singapore. In the United States, Ripple obtained most of its money transmitter licenses in 2023. These licenses are crucial in enhancing Ripple’s capability to provide superior customer experiences in digital transactions.

Additionally, the Dubai Financial Services Authority’s (DFSA) approval of Ripple’s native asset, XRP, within the Dubai International Financial Centre (DIFC) marks a significant milestone. This approval empowers licensed virtual asset firms in the DIFC to incorporate XRP.

Read Also: Ripple’s 2024 Predictions: Legal Battles and Crypto Evolution 

Ripple: Worldwide Growth Continues

The Inclusion of Ripple on the Central Bank of Ireland’s VASP list is not just a regulatory win. It signifies a strategic step in the company’s global expansion. It also mirrors Ireland’s forward-thinking approach to virtual assets and fintech innovation. 

As Ripple navigates the landscape of blockchain technology and digital assets, its commitment to following regulations and collaborating with financial authorities worldwide sets a noteworthy standard in the industry.

Meanwhile, the price of XRP remains relatively stable. It shows a marginal decline of 0.55% in the last 24 hours, settling at $0.61.

Read Also: Ripple Targets a Share in the $5 Trillion CBDC Market 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :