Recognized By The Central Bank Of Ireland, Ripple Becomes A Virtual Asset Service Provider, Ready To Work On The European Market

XRP developer Ripple Labs is the official virtual asset provider in Ireland. (Photo; Doc. CryptoPax)

JAKARTA - Ripple Labs Inc., a blockchain-based payment company and developer of XRP, reportedly received recognition from the Central Bank of Ireland (CBI) as a virtual asset service provider (VASP) in the country. CBI added Ripple's Irish entity, Ripple Markets Ireland Limited (Ripple Markets), to the list of officially registered VASPs.

With this status, Ripple plans to develop its services in the European Economic Zone. Ripple will take care of all necessary licenses in accordance with MiCA regulations that will take effect in 2024.

Ripple can now make transactions on behalf of individuals or entities that move digital assets between addresses or accounts. Ripple is also authorized to provide crypto exchange services against fiat currencies, facilitate exchanges between various cryptocurrencies, and offer storage services, according to the CBI VASP register.

Ripple is committed to working with global regulators. This demonstrates Ripple's dedication to providing blockchain and crypto technology benefits to companies and customers while complying with regulatory requirements

Eric van Miltenburg, SVP Strategic Initiatives at Ripple, said this development was very important for its business in the region.

"The addition of Ripple Markets to the CBI registered VASP list is a significant step forward for our business in the region," Miltenburg said.

Ireland is known as a jurisdiction that supports the virtual asset industry, making it the ideal location for Ripple to operate in the European Union.

Ripple opened its first office in Ireland in February 2022. The Dublin office aims to launch a service in Ireland and serve the European market more widely.

Ripple isn't the only crypto company listed on the CBI VASP register. Other big companies such as Coinbase Global Inc (NASDAQ: COIN), MoonPay, Gemini Exchange, andius Custody are also listed, demonstrating the importance of Ireland as a virtual asset service center.

Ripple Achievements

Ripple is focused on complying with regulations and cooperation with global regulators. This can be seen from its latest achievements. In October, Ripple's subsidiary in Singapore, Ripple Markets APAC Pte Ltd, obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

In addition, the Dubai Financial Services Authority (DFSA) approved the use of digital assets related to Ripple, XRP, at the Dubai International Financial Center (DIFC). This opens up opportunities for new regional payments and virtual assets at XRP Ledger.

Ripple also won an important victory in its domestic legal dispute with the United States Securities and Exchange Commission (SEC). The SEC accused Ripple of offering securities by selling XRP which was not registered in the December 2020 lawsuit. However, the court ruled that XRP was not a security when it was sold to retail investors.