Ripple Registers as Virtual Asset Service Provider in Ireland Ahead of MiCa
Ripple, the enterprise blockchain development firm, has registered with the Central Bank of Ireland as a virtual asset service provider (VASP), choosing Ireland as its strategic foothold to access the European Union market.
Ripple's decision aligns with the upcoming Markets in Crypto-Assets (MiCA) regulation, which will go live by the end of next year. MiCA will establish a harmonized regulatory framework for crypto firms operating within the EU's 450 million population.
By registering in Ireland, Ripple can passport its license to other EU member states, enabling it to operate across the bloc. This move follows Coinbase's decision to establish its EU headquarters in Dublin and seek a MiCA license.
Eric van Miltenburg, Ripple's senior vice president for strategic initiatives, said:
“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.”
However, Ripple continues to face legal challenges in the United States, where it is embroiled in a lawsuit with the Securities and Exchange Commission (SEC) since 2020. The SEC alleges that Ripple conducted an unregistered securities offering with its XRP token. Despite a partial win for Ripple in October against the SEC, the outcome of the case remains uncertain and could have significant implications for the crypto industry.
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