Ripple, the issuer of the fourth-largest altcoin XRP, has made significant strides as the Central Bank of Ireland (CBI) included Ripple in its list of Virtual Asset Service Providers (VASPs), acknowledging the company’s presence outside the United States. This inclusion allows Ripple Markets Ireland Limited, a subsidiary of Ripple, to offer specific digital asset services within Ireland.
Following the CBI’s approval, Ripple announced plans to serve customers in the European Economic Area (EEA) after the Crypto Asset Markets Regulation (MiCA) comes into effect at the end of 2024. The MiCA directive is set to regulate virtual asset providers within the European Union, and Ripple has been operating in the region through its Dublin-based office since 2022.
Contrary to popular belief, Ripple has not been severely impacted by the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in December 2020, alleging violations of federal securities laws. Instead, Ripple has shifted its strategy to expand into various regions outside the U.S., seeking a crypto asset company license from the UK Financial Conduct Authority (FCA).
Eric van Miltenburg, a senior executive at Ripple, emphasized the regulatory clarity provided by Ireland and the broader European Union, which has increased trust in the digital assets, payments, and fintech ecosystem. Ripple’s expansion strategy is evident in its successful acquisition of a Major Payments Institution License from the Monetary Authority of Singapore (MAS) and approval from the Dubai Financial Services Authority (DFSA) for the use of XRP tokens within the Dubai International Financial Centre (DIFC).
In addition to its international expansion, Ripple has also managed to secure the majority of the 35 Money Transmitter Licenses (MTLs) in the U.S., typically held by money transfer companies, electronic payment service, and service providers, further solidifying its global presence in 2023.