- Its Irish subsidiary, Ripple Markets Ireland Limited, has been added to the list of VASPs.
- This would allow Ripple Markets to provide certain digital asset services in Ireland.
Ripple has been added to the group of registered Virtual Asset Service Providers (VASPs) by the Central Bank of Ireland (CBI), marking yet another foothold for the firm outside the U.S.
The business has announced that its Irish subsidiary, Ripple Markets Ireland Limited, has been added to the list of VASPs by the central bank. This would allow Ripple Markets to provide certain digital asset services in Ireland as a VASP.
The firm stated:
“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.”
Strategic Expansion
Virtual asset providers in the European Union will soon be subject to regulation thanks to the MiCA law. Company operations began in the nation in 2022 out of an office in Dublin.
Moreover, after the U.S. SEC filed a lawsuit in December 2020 accusing violation of the registration provisions of the federal securities laws, the firm behind the XRP token shifted its strategy and began actively expanding in various jurisdictions outside the US, contrary to popular belief.
The Financial Conduct Authority (FCA) in the United Kingdom is another potential regulator that the business is eyeing for crypto asset firm registration. The Monetary Authority of Singapore (MAS) approved the company’s application for a Major Payments Institution License in early June this year.
The DFSA has also recently given the green light for XRP tokens to be used within the DIFC ecosystem, which is a major development. Plus, in 2023, the firm claimed to have acquired most of its 35 money transmitter licence (MTLs) in the United States.
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