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Ripple subsidiary in Ireland, Ripple Markets Ireland Limited, was approved by the Central Bank of Ireland on December 19 to operate as a Virtual Asset Service Provider.
According to the announcement, Ripple has been allowed to provide certain digital asset services in Ireland, paving the way for the company to provide such services to customers in the European Economic Area when the Crypto Asset Markets Regulation 2024 comes into force at the end of the year.
Ripple’s general counsel Stuart Alderoty previously stated that, subject to necessary approvals, the company could “passport” its European license to the remaining 27 states in the block.
Ripple’s Senior Vice President of Strategic Initiatives, Eric Van Miltenburg, said, “The addition of Ripple Markets to the Central Bank of Ireland’s registered Virtual Asset Service Providers list is an important step forward for our business in the region.”
Van Miltenburg added, “Ireland has positioned itself as a supportive jurisdiction for the virtual asset industry and as a result, has established itself as a great place for businesses like Ripple to operate, which strengthened our decision to choose Ireland as our primary hub for EU regulations.”
“Ireland and the wider EU, by providing regulatory clarity for the sector, are increasing trust in digital assets, payments, and the fintech ecosystem and demonstrating their long-term commitment to the development of these industries.”
Ripple has been seeking a VASP license in Ireland since November 2022. The company’s last record occurred after its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, received a Major Payment Institution license from the Monetary Authority of Singapore in October. Ripple has thus secured most of its 35 money transfer licenses in the US this year.
Ireland, the Focus of Crypto Firms
The company said that Ireland’s appeal as a target for fintech innovation played a significant role in Ripple’s decision to open an office in Dublin in 2022. The Central Bank of Ireland had previously facilitated more engaging and informal interactions between fintech companies and regulatory bodies by setting up an Innovation Hub in the country in 2018.
Together with this, Coinbase, one of the world’s largest crypto exchanges, previously set Ireland as its EU headquarters in October after getting approved as a VASP in the country in December 2022. Coinbase’s crypto exchange competitor, Gemini, expanded its operations to Ireland in October of last year, becoming the first company to receive this permission.