Ripple (XRP) secures regulatory approval in Ireland

The Irish subsidiary of Ripple firm secured registration approval in Ireland to provide digital assets-focused services.

Ripple is a San Francisco headquartered blockchain firm which is popular among the global fintech players because of its fast & efficient cross-border payment services. Ripple uses XRPL (XRP) to provide payment services. Outside the payment services, the Ripple labs remain engaged in innovative developments related to the digitization of payment services via blockchain technology. 

On 20 Dec 2023, Ripple’s Irish subsidiary Ripple Markets Ireland Limited received regulatory approval from the Irish Central Bank. The bank added the Ripple subsidiary to its list of registered Virtual Asset Service Providers (VASPs).

This regulatory approval for Ripple is going to open a path for the company to  provide crypto-related services in Ireland.

So far Ripple failed to mention what type of service will be provided by it but the company confirmed that its plans are not limited to Ireland, instead, it will increase its footsteps across all EU member countries just after the official introduction of the EU’s crypto bill Markets in Crypto Assets (MiCA). 

Following this success, Ripple’s SVP of Strategic Initiatives, Eric van Miltenburg called the Irish jurisdiction a crypto-friendly region. 

Miltenburg said that Ireland already showed its full Inclination toward this innovative sector, so it is a great place for crypto companies like Ripple to establish a business. 

Earlier in October of this year, Ripple secured a Major Payments Institution (MPI) licence from Singapore’s central bank MAS (Monetary Authority of Singapore). 

So far Ripple collected a net of 35 money transmitter licence (MTLs) across multiple US States. 

Ripple vs SEC 

In Dec 2020, the United States Securities and Exchange Commission (SEC) sued Ripple Labs, the top two Ripple executives, and also called Ripple’s business illegal as the XRP token was unregistered security under the purview of the SEC body. 

Following 3 years of legal fight against the SEC’s claims, Ripple successfully proved XRP was not a security token and also secured a major win against the SEC’s multiple allegations. 

However, the case is still in court but legal experts believe that the SEC body will soon admit its mistake & settle the case.

Read also: Bitcoin tests $44k, as BlackRock & Nasdaq hold meeting with SEC

Ripple (XRP) secures regulatory approval in Ireland

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