With this approval from the Irish regulator, Ripple will be able to expand its business in Europe, particularly in light of the EU Cryptocurrency Act (MiCA) coming into effect. However, in order to comply with MiCA’s requirements, Ripple will also need to obtain additional licenses.
Ripple established its first office in the European Union in Dublin last year, citing Ireland’s favorable environment for development. The Central Bank of Ireland’s Innovation Center, launched in 2018, has facilitated easier interaction between fintech companies and the regulator.
Commenting on the license approval, Ripple Labs General Counsel Stuart Alderoty highlighted the significance of obtaining permission from the Irish Central Bank amidst regulatory uncertainty in the United States. This achievement marks a successful conclusion to the year for the company.
Capping off incredible momentum in 2023 with @centralbank_ie approving Ripple as a registered VASP to offer compliant crypto services. This year, we also received our full Major Payments Institution license from @MAS_sg and the Dubai Financial Services Authority approved XRP for… https://t.co/PfKtv7PGzZ
— Stuart Alderoty (@s_alderoty) December 20, 2023
In addition to the Irish license, Ripple also obtained a digital asset license from the Monetary Authority of Singapore (MAS) in October. Earlier, Ripple’s CEO Brad Garlinghouse expressed concerns about the regulatory environment for crypto companies in the United States, referring to it as a “dangerous place.”