Ripple, the global payments network, has achieved a significant milestone by obtaining regulatory approval from the Central Bank of Ireland to provide crypto services in the country. This approval allows Ripple to offer digital asset services through its Irish subsidiary, Ripple Markets Ireland Limited. It also demonstrates Ripple’s commitment to regulatory compliance and its vision for global expansion.
The approval from the Central Bank of Ireland’s Virtual Asset Service Providers (VASP) portfolio opens up opportunities for Ripple to serve users across the European Economic Area. Eric Van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed his excitement about the expansion into Ireland, stating that it would enhance Ripple’s exposure and innovative capabilities while contributing to the refinement of the virtual assets industry.
Despite this regulatory triumph, Ripple continues to face challenges from its legal battle with the United States Securities and Exchange Commission (SEC). The company has been engaged in a three-year-long dispute with the SEC since the agency filed a lawsuit against Ripple in December 2020. However, the recent ruling by Judge Analisa Torres in favor of Ripple, stating that programmatic sales of XRP were not considered securities, provided some relief.
Ripple’s regulatory approval in Ireland brings much-needed clarity for the global payments provider and sets the stage for its future development. By offering regulatory clarity, Ireland and the European Union are boosting confidence in the digital assets, payments, and fintech ecosystem, demonstrating their commitment to the long-term growth of these industries.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇮🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Van Miltenburg, Judge Analisa Torres |
| Companies | Ripple, United States Securities and Exchange Commission (SEC), Central Bank of Ireland |
| Currencies | XRP |
| Securities | None |
