Other companies on the CBI VASP register include the exchanges Coinbase and Gemini, the payment processor MoonPay, Zodia Custody, and others.
The Central Bank of Ireland (CBI) has approved the cryptocurrency payment network Ripple as a virtual asset service provider (VASP), marking another regulatory milestone for the company.
With the addition to the CBI’s list of registered VASPs, Ripple said in an announcement on December 19 that it is now able to offer specific digital asset services in Ireland.
Ripple is able to carry out transactions on behalf of another natural or legal person who transfers digital assets between addresses or accounts, based on information retrieved from the CBI’s VASP register. As per the register, Ripple is authorized to offer custody services, exchange services between different cryptocurrencies, and crypto exchange services against fiat currencies.
Besides Ripple, the CBI’s VASP register includes cryptocurrency firms such as the US-based cryptocurrency exchange Coinbase, payment processor MoonPay, Gemini exchange, and Zodia Custody.
Ripple intends to offer crypto services to clients within the European Economic Area following the adoption of major European cryptocurrency regulations known as the Markets in Crypto Assets Regulation (MiCA). MiCA, which is expected to go into effect by the end of 2024, aims to improve investor protection and anti-money laundering compliance.
“A significant step forward for our business in the region is the CBI’s addition of Ripple Markets to its list of registered virtual asset service providers,” stated Eric van Miltenburg, senior vice president of strategic initiatives at Ripple. Furthermore, he said:
“Our decision to choose Ireland as our primary base for EU regulation is reinforced by the way Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry, making it an excellent place for businesses like Ripple’s to operate.”
Nearly two years after the company established its initial offices in Ireland, Ripple has achieved new regulatory success in the country. With the intention of launching services in Ireland and catering to the larger European market, Ripple allegedly opened an office in Dublin in February 2022.
Conclusion
Ripple’s VASP license in Ireland is a significant victory for the company and a positive development for the crypto industry as a whole. It represents a stepping stone for Ripple’s European expansion and could accelerate the mainstream adoption of blockchain technology for cross-border payments and financial services. However, regulatory challenges and legal uncertainties remain, and it will be interesting to see how Ripple navigates the complex landscape of European crypto regulation in the coming months.
