It has been just revealed the fact that the Central Bank of Ireland has just added Ripple to the list of registered crypto service providers. Here’s more about what this means below.
Ripple in the spotlight again
Ripple Labs has announced that its subsidiary Ripple Markets Ireland Limited has been granted a license to operate as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.
This means that the company can now offer various digital asset services in Ireland, including transactions involving cryptocurrencies, such as exchanges, transfers, wallet custody, and other crypto-related financial services, on behalf of its clients.
Ripple vice president of strategic initiatives, Eric van Miltenburg,
“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.
By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.”
The Central Bank of Ireland (CBI) awards a Virtual Asset Service Provider (VASP) license to companies that have satisfactory policies and procedures for anti-money laundering and combating financing of terrorism (AML/CFT) after a thorough evaluation process based on risk assessment.
Among the firms listed on the CBI’s VASP register are crypto exchanges Coinbase and Gemini, as well as online payments company Paysafe.
Ripple has announced that it plans to expand its operations to more jurisdictions in Europe.
“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, subject to the acquisition of other necessary licenses.”
Stay tuned for more juicy news from the crypto space.
