- Ripple gets added to Ireland’s VASP list, paving EEA expansion.
- Ripple’s compliance journey from Ireland to Dubai advances.
- The XRP Army hopes for a significant uptrend for XRP price.
In a significant stride towards global expansion, Ripple, a prominent player in the blockchain and crypto solutions sphere, has achieved a major milestone by being added to the Central Bank of Ireland’s Virtual Asset Service Providers (VASPs) Register.
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This development not only paves the way for Ripple to offer specific digital asset services in Ireland but also positions the company strategically for broader expansion throughout the European Economic Area (EEA).
Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, has obtained legal recognition as a registered VASP, empowering the company to deliver targeted digital asset services within the Irish market. This accomplishment underscores Ripple’s commitment to regulatory compliance and responsible integration into the financial ecosystem.
The inclusion in the Central Bank of Ireland’s VASPs Register is a testament to Ripple’s strategic vision for expansion within the European Union. Leveraging Ireland’s supportive environment for fintech innovation, Ripple opened its Dublin office in 2022. Ireland, with its Innovation Hub established in 2018, has become a hub for fintech companies, aligning well with Ripple’s forward-looking approach.
Ripple’s roadmap extends beyond Ireland, aiming to provide services across the EEA post the implementation of the Markets in Crypto Assets Regulation (MiCA) by the end of 2024. This approach positions Ripple at the forefront of crypto regulatory developments in Europe, with the acquisition of necessary licenses being a pivotal step.
Ripple’s commitment to regulatory compliance is not confined to Europe. The company obtained a Major Payments Institution (MPI) license in Singapore through Ripple Markets APAC Pte Ltd. In the United States, Ripple secured most of its money transmitter licenses in 2023, enhancing its ability to deliver superior customer experiences in digital transactions.
The recent approval of XRP by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC) opens new possibilities for Ripple’s native asset. Licensed virtual asset firms in the DIFC can now incorporate XRP, potentially unlocking novel payment and virtual asset use cases.
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