- Ripple Labs obtains a VASP license to offer digital services in Ireland.
- The company will operate in the region through its Irish subsidiary, Ripple Markets Ireland Limited.
- Ripple says the Ireland approval is a step towards a broader presence in the European market.
In a notable development, Ripple Labs announced it has expanded its footprint to Ireland as it secures a regulatory pass to operate in the country. With the regulatory greenlight, Ripple can now offer certain digital asset services to customers within Ireland.
In the Thursday announcement, Ripple said the Central Bank of Ireland has added its Irish subsidiary, Ripple Markets Ireland Limited, to its list of registered Virtual Asset Service Providers (VASPs).
The blockchain company said the Ireland approval is a step towards a broader presence in the European market. According to the announcement, Ripple plans to provide services to clients in the European market once the Markets in Crypto Assets Regulation (MiCA) comes fully into force by the end of 2024.
The VASP registration follows a slew of other regulatory green lights for Ripple around the world. In October, Ripple secured the Major Payments Institution license from the Monetary Authority of Singapore. The company will operate through its Singapore subsidiary Ripple Markets APAC Pte Ltd to offer services to customers in the region.
In the US, the company said it obtained most of its 35 money transmitter licenses (MTLs) in 2023. Ripple claimed in the announcement that the MTL licenses will enable it to build and deliver a best-in-class customer experience.
Meanwhile, the Dubai Financial Services Authority approved XRP for usage within the Dubai International Financial Centre (DIFC) in November 2023. As a result of this change, licensed virtual asset enterprises in the DIFC will be allowed to include XRP in their virtual asset services. Ripple believes the Dubai approval has “the potential to unlock new regional payments and other virtual use cases on XRP Ledger.”
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