Central Bank of Ireland Adds Ripple to List of Registered Virtual Asset Service Providers

Blockchain-based payments firm Ripple Labs can now provide certain digital asset services in Ireland.

In a new statement, the San Francisco-based firm says the Central Bank of Ireland (CBI) has just granted its local subsidiary, Ripple Markets Ireland Limited, the license to operate as a Virtual Asset Service Provider (VASP).

VASPs can carry out transactions involving crypto assets — including exchanges, transfers, wallet custody and crypto-related financial services — on behalf of clients.

Says Ripple vice president of strategic initiatives, Eric van Miltenburg,

“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation.

By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.” 

The CBI says it grants the VASP license to firms with satisfactory anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures following a risk-based assessment process.

Other firms on the central bank’s VASP register include the crypto exchanges Coinbase and Gemini and the online payments company Paysafe.

Ripple says it is now aiming to operate in more jurisdictions in Europe.

“Ripple will seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024, subject to the acquisition of other necessary licenses.”

Generated Image: Midjourney