Ripple Gets Registered as a VASP in Ireland

Crypto payment company Ripple Labs is now registered in Ireland as a Virtual Asset Service Providers (VASPs). According to a published statement from the company, the Central Bank of Ireland (CBI) has added the Irish subsidiary of the company Ripple Markets Ireland Limited to its list of existing VASPs, thereby allowing the firm to offer its digital asset services in the region.

“Following the registration, 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,” Ripple stated.

Ripple to Operate Under MiCA Regulation 

After final clearance from finance ministers, the European Union (EU) officially signed the Markets in Crypto-Assets (MiCA) bill into law on May 31. The long-awaited crypto legal framework was designed to ensure a uniform regulatory structure for crypto assets among EU member states including Ireland.

Notably, this MiCA legislation facilitates the registration and authorization of crypto businesses as VASPs in these regions that fall under the jurisdiction of the EU. Ripple has been present in Ireland since last year with its office in Dublin but this registration with the central bank gives it a legal stand in the country’s crypto market.

Ripple Expands Outside the U.S

In the past, Ripple made many such moves as part of its strategy to expand its business outside the United States amidst its legal debacle with regulators in the region. The crypto company has  a three years long case with the U.S. SEC concerning the Securities status of XRP, a token closely related to Ripple and in this while its business has suffered severely. 

Crypto exchanges like Coinbase and Newton delisted the XRP token to absorb themselves from the troubles surrounding the coin at the time.

Ripple Obtains Multiple Crypto Licenses

The expansion outside the United States has led the crypto firm to bag different licenses from several jurisdictions. In October, Ripple received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This was about four months after it obtained an in-principle approval for the same license from the watchdog.

Last month, Ripple launched a new platform for settlements in Africa. The platform, which is called Ripple Payments, is designed to facilitate cross-border payments in the region. The firm is likely to delve into more jurisdictions in this coming year.