- Brad Garlinghouse stresses Ripple’s adherence to crypto regulations, reflecting on several significant regulatory approvals in 2023.
- Ripple CEO highlights the company’s compliance-first approach for 2024.
- Recent regulatory nods for Ripple from Dubai, Singapore, and Ireland reinforce Garlinghouse’s claims.
Brad Garlinghouse, the Chief Executive Officer of Ripple, recently shared insights on the company’s “compliance-first” approach for 2024. According to Garlinghouse, Ripple has always complied with regulations.
Ripple has witnessed a plethora of regulatory challenges and milestones throughout its history, with many such developments taking place in 2023. According to a post by Stuart Alderoty, Ripple’s Chief Legal Officer, 2023 has bestowed a great deal of regulatory approvals for the company.
The most recent of these is this week’s regulatory nod from the Central Bank of Ireland for Ripple’s subsidiary, Ripple Markets Irish Limited. Registered as a Virtual Asset Service Provider (VASP) in Ireland, Ripple will be permitted to provide crypto services to Irish clients.
In October 2023, Ripple Labs secured an operational license in Singapore, with the Monetary Authority of Singapore (MAS) issuing the Major Payments Institution (MPI) license to the company. The MPI license allows Ripple to operate in Singapore through its subsidiary, Ripple Markets APAC Pte Ltd.
Another significant breakthrough in Ripple’s vision of global expansion in compliance with crypto rules is a recent regulatory approval from Dubai. The Dubai Financial Services Authority (DFSA) permitted the integration of Ripple’s XRP into the licensed virtual asset firms within the Dubai International Financial Centre (DIFC).
Ripple has been navigating through a crucial period over the past months since the U.S. Securities and Exchange Commission (SEC) accused the company and its chief executives of offering “unregistered securities.” However, following a landmark ruling that concluded XRP as a non-security and marked a partial victory for Ripple, the SEC dropped charges against Garlinghouse and Ripple’s co-founder, Chris Larsen.
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