The Central Bank of Ireland (CBI) has recognized another service for crypto businesses outside the United States. CBI, company behind leading asset XRP token Ripple Labs to its list of registered Virtual Asset Service Providers (VASPs).
Ripple Is Now Officially Recognized by Ireland
According to the statement made by the company, CBI has officially added its Irish subsidiary, Ripple Markets Ireland Limited, to the existing VASPs. In this way, the company will now be able to provide certain digital asset services as a registered VASP in Ireland.
Following registration, Ripple will seek to serve customers in the European Economic Area when the Crypto-Asset Markets Regulation (MiCA) comes into force at the end of 2024.
As Koinfinans.com reported, the MiCA legislation in the European Union is a new regulation that paves the way for the regulation of virtual asset providers operating in the region. The company has been operating in the country since 2022 with its office based in Dublin.
Ripple is also in the USA SEC Although it came to the fore with the problems it experienced with the USA, it continues to actively expand in regions outside the USA. The company, which is also trying to register with the UK Financial Conduct Authority (FCA), is quite confident about this. Eric van Miltenburg, one of the important managers of the company, recently came to the fore with the following words on the subject.
By providing regulatory clarity for the sector, Ireland and the wider EU are increasing confidence in the digital assets, payments and fintech ecosystem.
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In early June 2023, the company received its application for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), Singapore’s central bank. Additionally, the Dubai Financial Services Authority (DFSA) recently announced that it will expand into the Dubai International Financial Center (DIFC) ecosystem. XRP approved the use of tokens. Additionally, the company said it has secured most of the 35 money transmitter licenses (MTL) in the US in 2023.