Ripple Markets Ireland Limited, a subsidiary of Ripple (CRYPTO: XRP), has been formally recognized as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland (CBI), allowing it to provide particular digital asset services in the nation.
Ripple's operations in the region have advanced
strategically with the addition of Ripple Markets to the CBI's list of
registered VASPs. Following the adoption of the Markets in Crypto Assets
Regulation (MiCA) at the end of 2024, Ripple hopes to expand its services to
clients throughout the European Economic Area with this registration.
Getting the other required licenses is a requirement for
this expansion. The Central Bank of Ireland (CBI) has officially recognized
Ripple Markets Ireland Limited, a subsidiary of Ripple (CRYPTO: XRP), as a
Virtual Asset Service Provider (VASP), enabling it to offer specific digital
asset services in the country.
With Ripple Markets added to the CBI's list of registered
VASPs, Ripple's operations in the area have strategically advanced. With this
registration, Ripple expects to reach more clients within the European Economic
Area after the Markets in Crypto Assets Regulation (MiCA) is adopted by the end
of 2024.Obtaining the remaining permits is a prerequisite for this growth.
He emphasized Ireland's pro-virtual asset policy and how it
helps to provide regulatory clarity and increase trust in the fintech,
payments, and digital asset sectors.
The Monetary Authority of Singapore (MAS) granted a Major
Payments Institution (MPI) license to Ripple's Singaporean affiliate in 2023.
Ripple's capacity to provide first-rate customer experiences
was strengthened when it acquired the majority of its 35 money transmitter
licenses (MTLs) in the United States in the same year.
Furthermore, the use of Ripple's digital asset XRP within
the Dubai International Financial Centre (DIFC) was authorized by the Dubai
Financial Services Authority (DFSA) in November 2023.
With this permission, authorized virtual asset companies
operating in the DIFC are able to offer XRP as part of their offerings, which
may open up new use cases for virtual assets and payments on the XRP Ledger.
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