- Ripple received regulatory approval from Ireland’s central bank to operate as a Virtual Asset Service Provider, allowing it to offer crypto services in Ireland and passport them across the EU.
- Ireland has emerged as a crypto hub in Europe due to its pro-innovation policies, attracting companies like Ripple, Coinbase and Gemini.
- The Irish approval supports Ripple’s global regulatory strategy after recent wins in Singapore and U.S. states, validating its services worldwide.
he blockchain payments company Ripple has received a major regulatory approval from Ireland’s central bank. The registration allows Ripple to provide digital asset services across the European Union once new regulations are implemented.
Ripple’s Irish Subsidiary Approved as Virtual Asset Service Provider
The VASP designation enables Ripple to offer certain crypto services within Ireland. More importantly, it paves the way for the company to passport these services across the European Economic Area when the EU’s Markets in Crypto Assets (MiCA) regulation takes effect in late 2024.
Ripple plans to leverage the Irish approval to expand its digital asset services throughout the 27 member states in the European Union. The company had been seeking the VASP license in Ireland since November 2022.
Ireland Emerging as Crypto Hub in Europe
In a statement, Ripple said Ireland’s pro-innovation policies played a key role in its decision to establish offices in Dublin last year. The country has actively courted crypto companies by creating a regulatory “sandbox” and granting licenses to major industry players.
For example, crypto exchanges Coinbase and Gemini have also set up operations in Ireland recently and secured VASP registrations. The welcoming regulatory environment makes Ireland an attractive base for Ripple’s EU expansion.
Regulatory Approval Supports Ripple’s Global Strategy
The Irish authorization represents a significant milestone for Ripple’s global regulatory strategy. It follows approvals secured in other key jurisdictions this year.
In October, Ripple’s subsidiary in Singapore obtained a Major Payments Institution license. And in the U.S., Ripple now has money transmitter licenses in the majority of states.
The Irish VASP registration helps validate Ripple’s services in the eyes of regulators worldwide. It also enables the company to scale its crypto payment solutions throughout Europe, a major strategic market.
Ripple Continues to Battle SEC Lawsuit in U.S.
Meanwhile, Ripple is still embroiled in a high-stakes legal fight with the Securities and Exchange Commission in the United States. The SEC alleges Ripple illegally sold XRP tokens as unregistered securities.
Earlier this year, a judge ruled XRP is not a security when sold on secondary markets. However, the SEC continues to maintain XRP was a security during Ripple’s initial sales to institutional investors.
The drawn-out lawsuit has hampered Ripple’s U.S. operations. But the company is aggressively pushing forward with its global expansion plans as the legal proceedings slowly grind on. The Irish approval represents a big win in that regard, strengthening Ripple’s position as a regulated crypto payments provider in Europe and beyond.