According to CNBC on Friday, a US-based cryptocurrency Ripple (XRP), a payment platform, is seeking regulatory approval in the Republic of Ireland to gain access to the European market.
Ripple Apply for License in Ireland
Stuart Alderoty, the company’s General Counsel, told CNBC that Ripple is looking to acquire a virtual asset service provider (VASP) license and already has two employees in this European Union (EU) member country.
Ripple has turned its attention to non-US countries due to its ongoing lawsuit with the US Securities and Exchange Commission. The US regulatory agency SEC alleges that the company violated securities law with the sale of its XRP token. The company has already established partnerships in France and Sweden.
“Essentially, all of our customers and revenues come from outside the US, although we still have a large number of employees inside the US,” Alderoty told CNBC.
Alderoty told CNBC that after the exchange acquired the Irish license, it wanted to “legalize” Ripple’s services across Europe. He also added that he would apply for an electronic money license in Ireland.
Cryptocurrency firms prefer to enter the EU due to their advances in regulating the industry. The EU’s overarching Crypto Asset Markets (MiCA) bill promises to establish a licensing regime that will allow companies to operate in 27 countries and will be voted on in February.
The Irish central bank previously granted a VASP license to crypto exchange Gemini.
*Not investment advice.
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