In a significant move for Ripple and the European cryptocurrency landscape, Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has officially registered as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland.
This milestone achievement, announced on December 19th, 2023, grants Ripple the green light to offer specific digital asset services within Ireland, with ambitions to expand throughout the European Economic Area (EEA) once the Markets in Crypto Assets (MiCA) regulation comes into effect at the end of 2024.
This registration marks a crucial step forward for Ripple’s European expansion strategy.
Ireland, recognized for its favorable regulatory environment and commitment to improving fintech innovation, has become a magnet for leading crypto and blockchain companies.
While the current VASP registration allows Ripple to operate within Ireland, the company’s sights are set on a broader European market.
The upcoming MiCA regulation, designed to standardize cryptocurrency regulations across the EEA, presents a unique opportunity for Ripple to leverage its Irish registration and passport its services to other member states.
This streamlined approach will allow Ripple to offer its blockchain solutions and payment services to a significantly larger customer base.
This Irish registration adds to Ripple’s string of recent successes. Notably, the company’s Singapore subsidiary secured a Major Payments Institution license in October 2023, and it has obtained the majority of its 35 money transmitter licenses in the United States throughout the year.
These achievements highlight Ripple’s growing global footprint and dedication to working collaboratively with regulators worldwide.
With its Irish VASP registration secured, Ripple is well-positioned to capitalize on the immense potential of the European crypto market.
The upcoming implementation of MiCA and the supportive regulatory environment in Ireland creates a fertile ground for innovation and growth.
As Ripple continues to expand its global reach and collaborate with policymakers, the future of crypto in Europe appears increasingly bright.