Calgary, Alberta, Canada, December 28, 2023 – Ripple ended 2023 on a high note by securing approval to offer cryptocurrency services in Ireland. The global payments network marked a major regulatory victory for the embattled payments startup.
Ripple recently announced that it has received official regulatory approval to provide digital asset services in Ireland. The approval came from the Central Bank of Ireland, which added Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, to its register of approved Virtual Asset Service Providers (VASPs).
Last week, Ripple announced that its subsidiary Ripple Markets Ireland Limited had been added to Ireland’s register of approved Virtual Asset Service Providers (VASPs). This green lights Ripple to provide digital asset services across Ireland and the greater EU.
Ireland as a Launch Pad
The move came following Ripple’s June 2022 application to establish operations in Ireland. According to Eric van Miltenburg, Ripple’s SVP of Strategic Initiatives, Ireland’s supportive regulatory environment for crypto makes it an ideal base for Ripple’s EU presence.
“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. 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,” Miltenburg stated.
Ripple views Ireland as a launch pad into the EU market, allowing it to showcase innovation in payments infrastructure to European customers.
This successful Ireland registration comes from Ripple’s Singapore-based subsidiary, Ripple Markets APAC Pte Ltd, receiving a Major Payments Institution license from the Monetary Authority of Singapore in October.
Positive Developments Amidst Legal Battles
Additionally, the Irish expansion provides positive news for Ripple amidst its high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020. It alleged that its sales of XRP tokens constituted an unregistered securities offering. Though Ripple scored a partial victory this past July, the case remains ongoing.
Despite its high-profile legal troubles in the United States, Ripple has managed to secure the bulk of its 35 state money transmitter licenses domestically so far during 2023.
According to van Miltenburg, Ireland’s decision to regulate Ripple and XRP boosts industry confidence amid regulatory uncertainty elsewhere:
“By providing regulatory clarity for the industry, Ireland and the EU more broadly are boosting confidence in the digital assets, payments, and fintech ecosystem and demonstrating their commitment to the long-term development of these industries,” said Miltenburg.
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