Ripple Achieves Regulatory Victory, Officially Added to Ireland’s Central Bank VASP Register
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Ripple Achieves Regulatory Victory, Officially Added to Ireland’s Central Bank VASP Register
Ripple's strategic focus on regulatory compliance extends beyond Ireland.
Navigating Web3 tides with focused insightsSource: BeInCrypto
Compiled by: Blockchain Knight
Blockchain company Ripple announced the inclusion of its Irish subsidiary, Ripple Markets Ireland Limited, on the Central Bank of Ireland’s VASP (Virtual Asset Service Provider) register—an important milestone in a series of regulatory achievements for the company.
According to a December 20 announcement from the company, Ripple's registration as a VASP further solidifies its commitment to closely collaborating with regulators worldwide to advance the adoption and benefits of blockchain and crypto asset technologies in enterprise applications.
Eric van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple, emphasized the significance of being added to the Central Bank of Ireland’s VASP list, calling it an "important milestone" in Ripple's development within the region.
Van Miltenburg also highlighted Ireland’s “supportive” stance toward the digital asset industry, explaining why the country serves as a favorable operational base for companies like Ripple:
Ireland positions itself as a jurisdiction supportive of the digital asset industry, making it an ideal location for enterprises such as Ripple. This reinforces our decision to establish Ireland as our primary regulated hub within the European Union.
By providing clear regulatory frameworks for the industry, Ireland—and the EU as a whole—strengthens confidence in digital assets, payments, and the fintech ecosystem, demonstrating their long-term commitment to these sectors.
Ripple’s Chief Legal Officer, Stuart Alderoty, underscored the importance of the Central Bank of Ireland registration and highlighted the company’s “notable momentum” throughout 2023.
Ripple’s strategic focus on regulatory compliance extends well beyond Ireland.
In October 2023, Ripple’s Singapore subsidiary obtained a Major Payment Institution license from the Monetary Authority of Singapore. Additionally, the blockchain firm secured the majority of money transmitter licenses across 35 U.S. states during the same year.
Furthermore, in November 2023, the Dubai Financial Services Authority approved the use of XRP within the Dubai International Financial Centre (DIFC).
This approval enables licensed digital asset firms within the DIFC to include XRP in their range of digital asset services.
As a major contributor and user of the XRP Ledger, Ripple views this approval as a “catalyst for launching new regional payment solutions and other digital asset use cases on the network.”
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