Prominent inter-border payment solution provider, Ripple has obtained regulatory approval from the Central Bank of Ireland (CBI) to provide crypto services in the country. The company made the disclosure today via an official blog post. In the blog post, Ripple announced that its Irish subsidiary has been added to the list of registered Virtual Asset Service Providers (VASPs) in the country.
Consequently, the company will leverage this license to provide a host of virtual assets services in Ireland. According to Ripple, the decision to establish its presence in Ireland emanated from how the country has been flexible towards emerging finance solutions. Similarly, the firm disclosed that Ireland has positioned itself as “a favorable destination for companies building new technologies for financial services.”
Further, in the blog post, Ripple highlighted some of the positive steps Ireland took to attract financial service providers to the country. The firm recalled how the CBI in 2018 organized an Innovation Hub. The event, as revealed, provided Fintech companies with the opportunity to formally interact with regulators in the country. Thereafter, Ripple opened its Dublin office in 2022.
It is worth mentioning that Eric van Miltenburg, SVP, Strategic Initiatives provided more insights to the development. The executive stated that the regulatory approval is a significant step forward for Ripple in Ireland. Additionally, he discussed how the friendliness of Ireland to fintech solutions convinced Ripple to make the country its primary base in Europe. He added that the regulatory clarity in Ireland and Europe at large has boosted confidence in digital assets, payments, and the fintech ecosystem.
How Ripple has Intensified its Expansion Efforts
However, the company indicated its plan to expand its presence to other countries in Europe. Ripple explained that it will intensify its expansion effort in Europe once the Markets in Crypto Assets Regulation (MiCA) comes into play at the end of 2024. Away from Europe, the crypto and blockchain service provider in recent times has obtained operational licenses from numerous countries.
In October 2023, Ripple got its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). With the regulatory approval, the fintech company gained the backing to operate in Singapore. Likewise, in November, the Dubai Financial Services Authority (DFSA) ratified the adoption of XRP within the Dubai International Financial Centre (DIFC).
The approval by the DFSA generated new use cases for XRP as virtual asset companies within the DIFC were able to adopt the token into their services. According to a Binbits report, the CEO of Ripple, Brad Garlinghouse, submitted that the adoption of XRP by the DFSA will establish Dubai as a prominent financial technology hub. Also, the CEO said it will position the region to attract foreign investments.