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Ability to provide digital asset services
Ripple announced on the 19th that it has completed registration as a virtual asset service provider (VASP) with the Central Bank of Ireland (CBI).
Ripple Markets Ireland Limited, a subsidiary of Ripple in Ireland, has been officially certified as a VASP (Virtual Asset Service Provider), allowing it to provide certain digital asset services in this country. This registration is a step that will strongly support Ripple’s business development.
Ireland has an environment that supports new technologies, such as the establishment of an innovation hub in 2018 to develop new technologies for financial services, making it an important base for Ripple. Ripple established an office in the capital, Dublin, in 2022 as a core base for its European expansion.
In the European Union (EU), the Crypto Asset Market (MiCA) regulation is scheduled to come into effect at the end of 2024. After registering in Ireland, Ripple has indicated that it will work to obtain other necessary licenses to provide services throughout the European Economic Area.
What is MiCA?
MiCA stands for “Market in Crypto Assets” and is a comprehensive virtual currency regulation proposal announced by the EU in September 2020. In addition to stablecoins, it also stipulates licensing systems and consumer protection requirements.
Virtual currency glossary
connection:Ripple expands remittance network between Africa, Gulf countries, UK, and Australia
Collaborate with regulators around the world
Eric van Miltenburg, Ripple’s SVP of Strategic Initiatives, highly values Ireland as a core hub for EU regulations. The Central Bank of Ireland (CBI) had the following to say about Ripple Markets’ VASP registration:
Ireland is a supportive jurisdiction for the crypto-asset industry, making it the perfect place for companies like Ripple to operate. By providing clear regulations, Ireland and the EU are increasing confidence in the digital asset, payments and fintech ecosystem and demonstrating a commitment to the long-term development of these industries.
Ripple, which works closely with regulatory authorities around the world, has obtained licenses in various countries and continues to work towards the popularization of virtual currency and blockchain technology.
In October 2023, Singapore subsidiary Ripple Markets APAC Pte Ltd obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In the United States, it also won the majority of money transmitter licenses (MTL) in the same year.
connection:US Ripple to expand cryptocurrency payments in Singapore
In November 2023, the Dubai Financial Services Authority (DFSA) approved the use of the digital asset XRP within the Dubai International Financial Center (DIFC), allowing licensed virtual asset companies within the DIFC to use the It is now possible to incorporate XRP, a native asset, into services.
connection:Dubai IFC approves use of XRP within crypto regulatory framework
The post Ripple receives VASP approval in Ireland, accelerating its expansion into the European digital asset market appeared first on Our Bitcoin News.
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