Ripple, a cryptocurrency payments network, achieved a significant regulatory milestone in Ireland as the Central Bank of Ireland (CBI) granted approval to the company as a virtual asset service provider (VASP). Ripple revealed this development on December 19, announcing its inclusion in the CBI's registered VASPs list. This authorization enables Ripple to offer specific digital asset services within Ireland.
As per the CBI VASP register, Ripple is permitted to execute transactions on behalf of individuals or entities, involving the transfer of digital assets between various addresses or accounts. Moreover, Ripple has the green light to offer cryptocurrency exchange services involving fiat currencies, facilitate exchanges between different cryptocurrencies, and provide custody services. Besides Ripple, notable companies listed in the CBI's VASP registry include US cryptocurrency exchange Coinbase, payments processor MoonPay, Gemini Exchange, and Zodia Custody.
This registration with the CBI allows Ripple to extend its crypto services to customers within the European Economic Area. This move aligns with the forthcoming adoption of significant European cryptocurrency regulations known as Markets in Crypto-Assets (MiCA). Expected to take effect by the end of 2024, MiCA aims to bolster investor protection and enhance compliance with anti-money laundering regulations. Eric van Miltenburg, Ripple's senior vice president of strategic initiatives, expressed the significance of this achievement, stating, "The CBI’s addition of Ripple Markets to its list of registered virtual asset service providers is an important step forward for our business in the region." He emphasized Ireland's supportive stance towards the virtual assets industry, reinforcing Ripple's choice of Ireland as its primary base for EU regulatory operations.
This regulatory milestone in Ireland marks a notable achievement for Ripple nearly two years after establishing its initial office in the country. Ripple inaugurated its Dublin office in February 2022, aiming to launch services in Ireland and cater to the broader European market. Alongside its global expansion efforts, Ripple has also made progress in resolving domestic legal matters, notably winning a significant victory in a prolonged legal battle instigated by the U.S. Securities and Exchange Commission (SEC) in July 2023. The SEC, in a lawsuit from December 2020, accused Ripple of unlawfully raising over $1.3 billion through the sale of XRP in an unregistered securities offering.
Similar to Ripple's expansion in Ireland, other companies like Coinbase have increased their presence in Europe, particularly in Ireland. In October 2023, Coinbase officially designated Ireland as its chosen European cryptocurrency hub.
