Ripple's Subsidiary Receives Recognition from CBI

Ripple’s Subsidiary Receives Recognition from CBI

Time Stamp: December 20, 2023 4:27 AM
Ripple's Subsidiary Receives Recognition from CBI PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The
Central Bank of Ireland has officially recognized Ripple, the company
behind the cryptocurrency XRP, by including its Irish subsidiary, Ripple
Markets Ireland Limited, in the list of registered Virtual Asset Service
Providers (VASPs).

Ripple
Markets Ireland Limited will now be authorized to offer specific digital asset
services within Ireland as a registered VASP, according to a statement released
by the company. Moreover, Ripple expressed its intention to extend its services
to clients across the European Economic Area once the Markets in Crypto Assets
Regulation (MiCA) takes effect by the end of 2024.

Eric van Miltenburg, Senior Executive, Ripple, Source: LinkedIn

The
MiCA legislation, established within the European Union, is designed to
regulate virtual asset providers operating in the region. Ripple’s strategic
move to register as a VASP aligns with its broader efforts to comply with
regulatory frameworks, especially in the aftermath of the U.S. Securities and Exchange
Commission’s lawsuit in December 2020, alleging violations of federal
securities laws.

Contrary
to common perceptions, Ripple has actively pursued expansion in various
jurisdictions outside the United States. The company has been operational in
Ireland since 2022, with its office located in Dublin. Additionally, Ripple is
currently in the process of seeking registration as a crypto asset firm with
the UK’s
Financial Conduct Authority.

Eric
van Miltenburg, a senior executive at Ripple, emphasized the positive impact of
regulatory clarity on the digital assets, payments, and fintech ecosystem. He
stated: “By providing regulatory clarity for the industry, Ireland – and
the EU more broadly – are boosting confidence in the digital assets, payments,
and fintech ecosystem.”

Licensing
Advances in Singapore, Dubai, and the US

In
June 2023, Ripple
successfully obtained the Major Payments Institution License application from
Singapore’s central bank, the Monetary Authority of Singapore.
Additionally, the Dubai Financial Services Authority has recently given
its nod for the utilization of XRP tokens within the Dubai International
Financial Centre ecosystem. In the United States, Ripple revealed that
it accomplished the acquisition of the majority of its 35 money transmitter
licenses in the year 2023.

The
Central Bank of Ireland has officially recognized Ripple, the company
behind the cryptocurrency XRP, by including its Irish subsidiary, Ripple
Markets Ireland Limited, in the list of registered Virtual Asset Service
Providers (VASPs).

Ripple
Markets Ireland Limited will now be authorized to offer specific digital asset
services within Ireland as a registered VASP, according to a statement released
by the company. Moreover, Ripple expressed its intention to extend its services
to clients across the European Economic Area once the Markets in Crypto Assets
Regulation (MiCA) takes effect by the end of 2024.

Eric van Miltenburg, Senior Executive, Ripple, Source: LinkedIn

The
MiCA legislation, established within the European Union, is designed to
regulate virtual asset providers operating in the region. Ripple’s strategic
move to register as a VASP aligns with its broader efforts to comply with
regulatory frameworks, especially in the aftermath of the U.S. Securities and Exchange
Commission’s lawsuit in December 2020, alleging violations of federal
securities laws.

Contrary
to common perceptions, Ripple has actively pursued expansion in various
jurisdictions outside the United States. The company has been operational in
Ireland since 2022, with its office located in Dublin. Additionally, Ripple is
currently in the process of seeking registration as a crypto asset firm with
the UK’s
Financial Conduct Authority.

Eric
van Miltenburg, a senior executive at Ripple, emphasized the positive impact of
regulatory clarity on the digital assets, payments, and fintech ecosystem. He
stated: “By providing regulatory clarity for the industry, Ireland – and
the EU more broadly – are boosting confidence in the digital assets, payments,
and fintech ecosystem.”

Licensing
Advances in Singapore, Dubai, and the US

In
June 2023, Ripple
successfully obtained the Major Payments Institution License application from
Singapore’s central bank, the Monetary Authority of Singapore.
Additionally, the Dubai Financial Services Authority has recently given
its nod for the utilization of XRP tokens within the Dubai International
Financial Centre ecosystem. In the United States, Ripple revealed that
it accomplished the acquisition of the majority of its 35 money transmitter
licenses in the year 2023.

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