The Irish subsidiary of Ripple Markets Ireland Limited (Ripple Markets) has been added to the Central Bank of Ireland’s (CBI) list of registered Virtual Asset Service Providers (VASPs).
According to an announcement, the registration enables Ripple to offer specific digital asset services in Ireland. It opens the door for the company to offer these services to customers throughout the European Economic Area after the Markets in Crypto Assets Regulation takes effect at the end of 2024.
Previously, Ripple General Counsel Stuart Alderoty stated that the company might “passport” its European license to the remaining 27 member states of the EU, pending the acquisition of additional required permits.
“The Central Bank of Ireland’s addition of Ripple Markets to its list of registered virtual asset service providers is a significant step forward for our business in the region,” stated Ripple SVP, Strategic Initiatives, Eric van Miltenburg.
He added, “Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.”
He also stated that Ireland and the EU, more broadly, are demonstrating their commitment to the long-term development of the digital assets, payments, and fintech industries by giving the industry regulatory clarity and fostering confidence in these sectors.
Since November 2022, Ripple has been applying for a VASP license in Ireland. The company recently reregistered after Ripple Markets APAC Pte Ltd, its Singaporean affiliate, obtained a Major Payments Institution license from the Monetary Authority of Singapore in October.
According to Ripple, it has also obtained most of its 35 money transmitter licenses in the US this year.
