Good news for Ripple, which has made a name for itself with its partnerships and collaborations outside the USA, came from the Central Bank of Ireland.
Accordingly, the Central Bank of Ireland (CBI) has included XRP issuer Ripple, which is among the top 10 cryptocurrencies, in its list of registered Virtual Asset Service Providers (VASPs).
While this development is an important part of Ripple's strategy to expand its services within Europe (EEA), it is noteworthy that this approval comes before the Crypto Asset Markets (MiCA) regulation, which is expected to come into force by the end of 2024.
Stating that the Central Bank of Ireland added the company's subsidiary, Ripple Markets Ireland Limited, to the existing VASPs, Ripple stated in its statement that with this approval, Ripple Markets can provide certain digital asset services as a VASP registered in Ireland.
“Ripple, the leader in enterprise blockchain and crypto solutions, today announced that the Central Bank of Ireland (CBI) has added its Irish subsidiary, Ripple Markets Ireland Limited (Ripple Markets), to its list of registered Virtual Asset Service Providers (VASPs).
The decision will support Ripple's business as Ripple Markets can provide certain digital asset services in Ireland as a registered VASP.
Following this registration, Ripple will seek to offer services to customers in the European Economic Area when the Crypto-Asset Markets Regulation (MiCA) comes into force at the end of 2024.
“Ireland, and the wider EU, is increasing confidence in the digital assets, payments and fintech ecosystem by providing regulatory clarity for the sector.”
*This is not investment advice.