Ripple Secures Approval to Run Digital Asset Service Operations in Ireland
The US-based provider of crypto solutions, Ripple Labs Inc, has, in its Tuesday, December 19 update, confirmed securing approval from the Central Bank of Ireland (CBI) to run virtual asset service provider (VASB) operations in Ireland.
The technology company behind the Ripple remittance network joins other companies granted the VASP registration by CBI, including crypto exchanges Gemini and Coinbase, Zodia Custody, and payment processor MoonPay.
The crypto payment network Ripple hailed the regulatory milestone in the December 19 disclosure of joining the CBI-approved list of authorized VASPs. The license will enable the firm to offer several digital asset services within Ireland.
Approval by Irish Authority Critical Gateway into European Market
A revisit of data captured in the CBI’s VASP register indicated that Ripple can now execute transactions on behalf of natural and legal persons seeking to move digital assets across addresses and accounts.
The registration permits Ripple to offer crypto exchange services against fiat currencies. The license granted will enable Ripple to facilitate exchange involving various cryptocurrencies besides providing custody services.
The registration with the Irish authority will expand Ripple’s presence within the European Economic Area. In a previous statement, Ripple hailed the EU as a critical market following the approval of the precise regulatory framework titled the Markets in Crypto Assets (MiCA).
The MiCA is scheduled for enforcement towards the conclusion of 2024. Ripple considers MiCA an invaluable catalyst enhancing investor safeguards. The crypto regulation needs stricter compliance with the anti-money laundering laws.
The vice president heading strategic initiatives at Ripple, Eric Miltenburg, hailed the addition of Ripple Markets to the list of the registered VASP lists. He indicated that the license cements Ripple’s forward stride for its business in the critical region.
Miltenburg indicated that Ireland has uniquely positioned itself as the lead supportive jurisdiction in nurturing the virtual assets industry. The VASP licensing in Ireland orients Ripple to a supportive business environment in which to operate. Undoubtedly, it reinforces Ireland’s selection as the ideal gateway into the EU market.
Miltenburg indicated that the recent regulatory accomplishments came two years after Ripple established offices in Ireland. He referred to Ripple opening a Dublin office in February 2022, aiming to unveil services in Ireland and as a base to serve the broader European crypto market.
Ripple Considers 2023 Progressive for Business
Besides the global expansion, 2023 has been a progressive year for Ripple. This year, it has progressed in resolving the domestic legal issues. In particular, Ripple secured a critical victory in July involving the long-running legal tussle against the US Securities and Exchange Commission (SEC).
The July win ended the lawsuit initiated by the Gary Gensler-led SEC alleging Ripple Labs raised over $1.3 billion from offering unregistered securities by selling native crypto token XRP.
New York’s Southern District Judge Analisa Torres held that the XRP offered for retail sale was not security. She noted that XRP tokens offered to institutions were securities. The ruling fueled accelerated bullish steam that eventually dipped as the enthusiasm declined.
Beyond the court victory, securing approval abroad positions Ripple alongside Coinbase, which recently increased its presence in Europe. In particular, Coinbase disclosed in an October 2023 update that it identified Ireland as the European crypto hub of choice.
The profile the global second-largest crypto exchange granted Ireland affirms Ripple’s approval as a critical milestone in its push for international expansion.
Meanwhile, a review of XRP market activity shows the price is 2.19% up in the past 24 hours to exchange hands at $0.619986. The XRP represents a 2% rally in the past seven days. It ranks the sixth largest crypto as per CoinGecko data, with a market capitalization of $33.556 billion.
The community is positive about Ripple, with its daily trading volume increasing by 8.7% to $1.196 billion, signaling increased market activity. Nonetheless, XRP is still 81.80% lower than its all-time price of $3.40 realized in January 2018.
