The Central Bank of Ireland has officially recognized Ripple, the company to which cryptocurrency XRP belongs, adding its Irish subsidiary Ripple Markets Ireland Limited to the list of registered virtual asset service providers (VASPs).。

Bank of Ireland approves virtual asset service provider

According to a statement released by Ripple, Ripple Markets Ireland Limited will be authorised to offer specific digital asset services in Ireland as a Registered Virtual Asset Service Provider (VASP).。In addition, Ripple said that once the Crypto Asset Market Regulation (MiCA) comes into force at the end of 2024, the company will provide services to customers throughout the European Economic Area.。

The MiCA regulation developed by the EU aims to regulate virtual asset providers operating in the region。Ripple's strategic move to register as a VASP is consistent with its broader efforts to comply with the regulatory framework, particularly after the SEC filed a lawsuit in December 2020 alleging violations of federal securities laws.。

Contrary to popular belief, Ripple has been actively seeking to expand in various jurisdictions outside the United States.。The company has been operating in Ireland since 2022, with offices in Dublin.。In addition, Ripple is currently seeking to register as a crypto-asset company with the Financial Conduct Authority in the UK.。

Ripple executive Eric van Miltenburg highlights the positive impact of regulatory clarity on the digital asset, payments and fintech ecosystems。"By providing clear regulation for the industry, Ireland (and the EU more broadly) is boosting confidence in the digital asset, payments and fintech ecosystem," he said.。"

Progress in licensing in Singapore, Dubai and the United States

In June 2023, Ripple successfully obtained a major payment institution license from the Monetary Authority of Singapore, the central bank of Singapore.。The Dubai Financial Services Authority has also recently approved the use of XRP tokens in the Dubai International Financial Centre ecosystem.。In the United States, Ripple revealed that it had obtained most of the 35 currency transmitter licenses in 2023.。