After receiving regulatory permission from the Central Bank of Ireland (CBI), Ripple, a cryptocurrency payment network, is now able to function as a virtual asset service provider (VASP). This designation, which is listed in the CBI VASP registry, placed Ripple in the same category as other major businesses like as Coinbase, Gemini exchanges and others.
Ripple to Offer Digital Asset Services in Ireland
Ripple made this legislative milestone public on December 19, highlighting the fact that it is included on the directory of authorized VASPs maintained by the Central Bank of Ireland (CBI). This designation allows the firm to provide certain digital asset services inside the Irish market.
The documentation that can be found in the CBI VASP registration indicates that Ripple is permitted to carry out payments on behalf of persons or businesses that are engaged in the transfer of digital goods between different addresses or accounts.
Ripple has also been given permission to add security solutions to its list of services, which will allow the safe storage and control of digital assets. The business is also allowed to handle deals involving different coins. This means it can act as a go-between for the smooth exchange of digital assets between different blockchain networks.
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Besides that, Ripple can now provide services for cryptocurrencies, especially trading cryptocurrencies for traditional cash currencies. With this new set of rules, Ripple is now a full-service provider that can meet all the needs of the cryptocurrency environment, from providing safe storage to making it easy to trade digital assets.
Cryptocurrency companies, such as Coinbase and Zodia Custody, are included on the CBI VASP registry in addition to Ripple. By registering, Ripple is moving closer to its long-term objective of providing cryptocurrency amenities for customers in the European Economic Area in preparation for the Markets in Crypto Assets Regulation (MiCA) rollout by the year 2024.
The mission of the MiCA is to strengthen the implementation of anti-money laundering regulations and improve investor safety throughout the whole cryptocurrency ecosystem in Europe.
Ripple’s senior vice president of strategic initiatives, Eric van Miltenburg, expressed confidence over the regulatory clearance. He also underlined the importance of the CBI’s recognition for Ripple Markets, which positions Ireland as a suitable environment for enterprises that deal in virtual assets.
Ripple’s choice to make Ireland its major headquarters for EU regulation was solidified as a result of his acknowledgment of Ireland’s favorable position toward the virtual assets business.
The regulatory success that Ripple has made in Ireland comes roughly two years after the company first established its headquarters in the nation. In February of 2022, the firm established a presence in Dublin with the intention of delivering services in Ireland as well as servicing the European market as a whole.
Ripple’s Victory in SEC Case
Ripple has also successfully negotiated domestic legal difficulties, gaining a significant victory in a protracted legal struggle that was begun by the United States Securities and Exchange Commission (SEC) in July 2023. A number of other businesses, including Coinbase, have been extending their presence in Europe, notably in Ireland.
It was in October 2023 that Coinbase made the decision to formally identify Ireland as its preferred European cryptocurrency center. This designation highlights the region’s increasing significance in the cryptocurrency business.
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