Ripple Obtains Virtual Asset Service Provider (VASP) License from Central Bank of Ireland
Blockchain payments firm Ripple has successfully obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland (CBI).
The news comes over a year after Ripple established an office in Dublin and applied for the license, aiming to expand its operations in Europe.
The Central Bank of Ireland initiated the registration process for the VASP license in 2021, focusing on ensuring compliance with anti-money laundering and countering the financing of terrorism provisions.
Ripple has now met the regulatory requirements and received the license, enabling the company’s Irish arm to provide various digital asset services to investors within Ireland, the firm said in a Tuesday press release .
“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,” Eric van Miltenburg, Chief Business Officer at Ripple, said.
“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.”
Ripple intends to extend its services to clients throughout the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) becomes effective next year.
Unlike national licenses that restrict operations to a specific country, MiCA allows companies to utilize a single license obtained in one country to operate across all 27 European Union member states.
This regulatory framework was proposed by the European Union to establish guidelines for the cryptocurrency market in the region.
Ripple’s recent regulatory
Read more on cryptonews.com
