- Ripple has secured authorization as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland
- The approval brings Ripple under the regulatory supervision of the Central Bank
- Ripple was awarded an operational license in Singapore in October
Ripple has achieved authorization from the Central Bank of Ireland as a Virtual Asset Service Provider (VASP), marking a significant development in the regulatory landscape for crypto firms. The approval brings Ripple under the regulatory supervision of the Central Bank, ensuring compliance with anti-money laundering (AML) and criminal financing regulations. In achieving this status, the Dublin-registered subsidiary, Ripple Markets Ireland Ltd, has demonstrated effective policies and controls to meet these obligations, aligning with Irish and European laws.
Ripple Could Target MiCA License Next
Ripple’s regulatory milestone means that its Irish arm can provide digital asset services to customers within the Republic of Ireland and suggests that Ripple might pursue authorization under the Markets in Crypto Assets (MiCA) regulations. MiCA is set to come into effect across the European Union in the near future and, once granted, Ripple can extend its services and operations to various EU markets through a passporting mechanism.
This development aligns Ripple with other major players in the crypto industry that have received authorization under the VASP regime from the Central Bank of Ireland. Notable companies such as Coinbase, Gemini, and Kraken have already undergone this regulatory process, showcasing an increasing trend of crypto entities seeking regulatory clarity and compliance in the evolving financial landscape.
Ripple was awarded a Singapore operational license in October in a sign that it is looking to gain a foothold as a legitimate entity in many global jurisdictions.
