Major Ripple (XRP) Development: Bank of Ireland With an Important Greenlight
TL;DR
- Ripple Registered with Ireland’s Central Bank: Ripple Markets Ireland Limited has been added to the Central Bank of Ireland’s list of Virtual Asset Service Providers, enabling Ripple to offer digital asset services in Ireland.
- European Expansion Plans: With this new registration, Ripple is positioned to expand services across the European Economic Area, particularly after the Markets in Crypto Assets Regulation takes effect in late 2024.
- Ripple’s Presence in the U.S.: Ripple maintains its US presence, recently moving to a new office in San Francisco, amidst an ongoing legal battle with the US Securities and Exchange Commission.
The blockchain enterprise – Ripple – and its surrounding developments have been among the most intriguing topics for crypto participants in the past several months.
Most recently, the company announced another big news that might capture people’s attention. Specifically, the Central Bank of Ireland (CBI) added Ripple Markets Ireland Limited (Ripple Markets) to its list of registered Virtual Asset Service Providers (VASPs).
Following the initiative, the blockchain firm will be able to provide certain digital asset services within the island nation. It will also seek to reach clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into effect (scheduled for the end of 2024).
Ripple has already established a solid base in Ireland, opening an office in the capital, Dublin, last year. It also highlighted the country as a favorable area for technological advancements and innovations.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, described the support coming from the financial institution as “a significant step forward for our business in the region.”
“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,” he added.
Despite strengthening its positions abroad, the crypto company seems determined to hold its ground in the United States, too.
As CryptoPotato recently reported, Ripple moved its headquarters into a new modern office in San Francisco. This comes approximately four months before the grand trial against the US SEC, which should determine the outcome of the lengthy legal battle between the two entities.
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