Ripple has received the green light from the Central Bank of Ireland to become a trusted virtual asset service provider, strengthening its presence in the European cryptocurrency landscape.
Ripple gains a European stronghold
Receiving registration approval for Ripple Markets Ireland Limited, a cryptocurrency payments company, opens the door to providing digital asset services not only in Ireland, but also throughout the European Union. This key decision comes on the heels of the forthcoming MiCA regulations, the upcoming regulation on crypto-asset markets, which will come into effect at the end of 2024.
Eric van Miltenburg, Ripple’s vice president of strategic initiatives, underscored the importance of the move, saying: “The addition of Ripple Markets to the list of registered virtual asset service providers by the Central Bank of Ireland is a significant step forward for our business in the region.”
Ireland a European oasis for crypto projects
Ireland, which has long been recognized as a favorable environment for cryptocurrency businesses, seems to be consolidating its position. This also confirms Ripple’s choice of the country as a major base for expansion within the European Union. Van Miltenburg noted:
“Ireland has positioned itself as a supportive jurisdiction for the virtual asset industry, and thus as an excellent place for companies like Ripple to do business, which reinforces our decision to choose this country as our main base for further operations within the EU.”
However, Ripple is not the only company to appreciate Ireland’s potential in the sector. Coinbase, a leading cryptocurrency exchange, has also just designated Ireland as its hub in the EU, earning VASP status in 2022. Gemini, Coinbase’s rival, joined the trend, expanding its operations to Irish soil last October, also obtaining the aforementioned license in the process.
Great opportunities
The Central Bank of Ireland currently includes 11 companies on its register, including Payward Ltd (the company responsible for the Kraken exchange), crypto payment service Moonpay, and Zodia Markets, a brokerage platform along with a digital asset exchange backed by Standard Chartered. This is a strong signal of Ireland’s growing commitment to the development of the cryptocurrency and fintech ecosystem. Ireland is attracted because it is committed to providing regulatory clarity that increases confidence in digital assets and payments across the European spectrum.
