Central Bank of Ireland has included Ripple in the register of virtual asset service providers

The company chose the country as its main hub in the EU because of favorable working conditions

20.12.2023 - 11:38

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What’s new? The Central Bank of Ireland has included the local unit of the fintech company Ripple in the register of virtual asset service providers (VASPs). The company noted that it chose Ireland as the main hub to operate in the European Union because the country offers favorable conditions for cryptocurrency companies. Going forward, Ripple intends to obtain all necessary licenses to operate within the European Economic Area under the Markets in Crypto Assets (MiCA) Act, which will come into force in the bloc at the end of 2024.

Press release

What else is known? Inclusion in the Central Bank of Ireland’s VASP register will allow Ripple to offer a limited set of cryptocurrency services to citizens in the country. The company opened an office in Dublin last year, noting the authorities’ efforts to encourage financial innovation. For example, the Central Bank launched a hub for more informal interaction with fintech startups back in 2018.

In October 2023, Ripple’s Singapore subsidiary received a major payment institution (MPI) license from the local Monetary Authority (MAS). In November, the Dubai Financial Services Authority (DFSA) approved the XRP token issued by the company for use in the Dubai International Financial Center (DIFC). This will allow licensed companies within the DIFC to offer XRP-related services.

Earlier, the authorities of Palau launched the second phase of testing their own US dollar-linked stablecoin issued on the Ripple platform to create national cryptocurrencies.

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