Ripple Seeking Regulatory Approval in the Republic of Ireland

Ripple Seeking Regulatory Approval in the Republic of Ireland
  • Ripple has plans to apply for an electronic money license once it secures a VASP license.
  • Ripple has shifted its attention to countries outside of the US.

Recently, it was announced that XRP token issuer Ripple Labs is applying for permission from Irish regulators to join the European market. Ripple has plans to apply for an electronic money license once it secures a virtual asset service provider (VASP) license.

According to Ripple’s announcement, the company has already established a presence in the European Union (EU) by hiring two people in the Irish jurisdiction.

Focusing on EU Nations

Ripple has shifted its attention to countries outside of the US as a result of its ongoing legal conflict with the U.S. Securities and Exchange Commission (SEC), which alleges the company violates securities law by selling the XRP token. The company has developed partnerships in both Sweden and France.

Although Ripple has a substantial presence in the United States, the majority of its revenue now comes from outside the nation, as stated by the company’s general counsel, Stuart Alderoty.

The European Union (EU) has made significant strides in regulating the cryptocurrency sector, which has attracted a growing number of cryptocurrency firms. The European Union (EU) is scheduled to vote on the complete Markets in Crypto Assets (MiCA) regulation in February. The bill’s purpose is to establish a licensing system that would allow enterprises to operate in all 27 member states.

Alderoty claims that after Ripple has its Irish license, the exchange would “passport” its services throughout Europe. He also said that the company planned to apply for an e-money license in Ireland shortly afterward.

The XRP token’s price hasn’t changed significantly in response to the news. Despite the FTX market turbulence in the crypto space, the price has remained stable. 

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