- 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.
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.
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
