Ripple Granted Regulatory Approval As Digital Asset Service Provider In Ireland

Coinbase and Gemini exchanges, the payment processor MoonPay, Zodia Custody, and others are among the companies listed in the CBI VASP register. Ripple, a cryptocurrency payment network, has achieved a regulatory milestone in Ireland as the Central Bank of Ireland (CBI) approved the company to operate as a virtual asset service provider (VASP).

Ripple announced this development on Dec. 19, revealing its inclusion in the CBI's registered VASPs list, enabling the provision of specific digital asset services in Ireland. As per the CBI's VASP register data, Ripple is authorized to facilitate transactions for individuals or entities transferring digital assets between addresses or accounts. The company can also offer cryptocurrency exchange services against fiat currencies, facilitate exchanges between cryptocurrencies, and provide custody services.

The CBI's VASP register encompasses other cryptocurrency firms like the U.S.-based crypto exchange Coinbase, payment processor MoonPay, Gemini exchange, and Zodia Custody.

With this registration, Ripple aims to extend its cryptocurrency services to clients within the European Economic Area following the anticipated adoption of major European cryptocurrency regulations, specifically the Markets in Crypto Assets Regulation (MiCA). 

MiCA, projected to take effect by the end of 2024, seeks to enhance investor protection and ensure compliance with Anti-Money Laundering laws. Ripple's Senior Vice President of Strategic Initiatives, Eric van Miltenburg, expressed the significance of the CBI adding Ripple Markets to its registered virtual asset service providers list. He highlighted Ireland's supportive regulatory environment for the virtual assets industry, reinforcing Ripple's decision to choose Ireland as its primary base for EU regulation.

Ripple's recent regulatory achievements in Ireland follow nearly two years after the company established its initial offices there. In February 2022, Ripple opened an office in Dublin to launch services in Ireland and serve the broader European market.

In addition to its global expansion efforts, Ripple has made progress in resolving domestic legal issues, securing a notable victory in an extended legal battle initiated by the U.S. Securities and Exchange Commission (SEC) in July 2023. In its December 2020 lawsuit, the SEC accused Ripple of unlawfully raising over $1.3 billion in an unregistered securities offering by selling the XRP cryptocurrency. Notably, other companies like Coinbase have also been increasing their presence in Europe, with Coinbase officially designating Ireland as its European crypto hub of choice in October 2023.