Ripple gets approval to operate as digital asset service operator in Ireland

The Central Bank of Ireland has added Ripple to the register of virtual asset service providers, allowing the firm to operate crypto services in the country.
The Central Bank of Ireland has added Ripple to the register of virtual asset service providers, allowing the firm to operate crypto services in the country.

Cryptocurrency payment network Ripple has reached another regulatory milestone in Ireland, with the Central Bank of Ireland (CBI) approving the firm as a virtual asset service provider (VASP). 

Announcing the news on Dec. 19, Ripple said it has now been added to the CBI’s list of registered VASPs, allowing the firm to provide certain digital asset services in Ireland.

According to data from the CBI’s VASP register, Ripple can conduct transactions on behalf of another natural or legal person who moves digital assets from one address or account to another. Ripple is also allowed to provide crypto exchange services against fiat currencies, as well as exchange between different cryptocurrencies and provide custody services, according to the register.

Besides Ripple, the CBI’s VASP register includes cryptocurrency firms like the United States-based crypto exchange Coinbase, payment processor MoonPay, Gemini exchange and Zodia Custody.

With the registration, Ripple aims to offer crypto services to clients within the European Economic Area after the adoption of major European cryptocurrency regulations known as the Markets in Crypto Assets Regulation (MiCA). Expected to come into force by the end of 2024, MiCA aims to increase investor protection and improve compliance with Anti-Money Laundering laws.

“The CBI’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,” Ripple’s senior vice president of strategic initiatives, Eric van Miltenburg, said. He added:

“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.”

Ripple’s latest regulatory achievements in Ireland come almost two years after the company set up its first offices in Ireland. Ripple reportedly opened an office in Dublin in February 2022 with a goal to launch services in Ireland and to serve the wider European market.

Related: Ripple exec predicts crypto landscape shifts in 2024

Apart from global expansion, Ripple has been progressing with its domestic legal issues, securing a significant win in its long-running 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 illegally raising more than $1.3 billion in an unregistered securities offering by selling the XRP (XRP) cryptocurrency.

Other companies like Coinbase have been increasing their presence in Europe and particularly Ireland recently as well. In October 2023, Coinbase officially announced Ireland as its European crypto hub of choice.