Crypto news: Ripple (XRP) joins the list of registered virtual asset service providers at the Central Bank of Ireland, allowing the blockchain and cryptocurrency solutions company to offer specific digital asset services in the Irish territory.
Let’s see below all the details.
Summary
Crypto news: registration with the Bank of Ireland enables Ripple (XRP) to offer new services
As anticipated, Ripple (XRP), a leader in blockchain and crypto solutions for enterprises, announced today that Ripple Markets Ireland Limited (Ripple Markets), its Irish subsidiary, has been officially listed as a registered Virtual Asset Service Provider (VASP) with the Central Bank of Ireland.
This registration will allow Ripple Markets to offer specific digital asset services in Ireland, strengthening Ripple’s position in the European financial landscape.
Following this registration, Ripple plans to expand the provision of its services to customers throughout the European Economic Area.
Especially once the regulation on crypto asset markets (Markets in Crypto Assets Regulation – MiCA) becomes operational by the end of 2024. However, this will happen subject to the acquisition of the necessary licenses.
The opening of Ripple’s office in Dublin in 2022 reflects the recognition of Ireland as a favorable destination for technology-oriented businesses in the financial services sector.
The Central Bank of Ireland created the Innovation Hub in 2018, facilitating informal dialogue between fintech companies and the regulatory authority.
Eric van Miltenburg, SVP, Strategic Initiatives, stated the following:
“The inclusion of Ripple Markets in the list of registered virtual asset service providers at the Central Bank of Ireland is a significant step for our presence in the region.
Ireland is increasingly establishing itself as a favorable jurisdiction for the virtual asset industry, consolidating our decision to designate Ireland as the main regulator in the EU.
The regulatory clarity provided by Ireland, and by the European Union in general, increases confidence in the ecosystem of digital assets, payments, and fintech, demonstrating a strong commitment to the long-term growth of these industries.”
Ripple’s regulatory successes from Ireland to Dubai
The registration of Ripple Markets as a VASP in Ireland adds to Ripple’s global successes in collaborating with regulatory authorities.
The Ripple subsidiary in Singapore, Ripple Markets APAC Pte Ltd, has indeed obtained registration as a VASP and has acquired the license of Major Payments Institution (MPI) from the Monetary Authority of Singapore (MAS) in October 2023.
In addition, in the United States, Ripple has obtained the majority of the 35 money transmitter licenses (MTL) in 2023, further consolidating its position in the cryptocurrency industry.
In November 2023, the Dubai Financial Services Authority (DFSA) approved the use of the digital asset XRP within the Dubai International Financial Centre (DIFC).
This implies that authorized companies operating in the DIFC will have the opportunity to integrate XRP, the native cryptocurrency of the XRP Ledger (XRPL), into their virtual asset services.
Ripple, as a key player in the development and use of the XRP Ledger, sees this approval as a potential catalyst for opening up new scenarios, including regional payments and other use cases for virtual assets on the XRP Ledger.
Monica Long from Ripple predicts the future of cryptocurrencies in 2024
Monica Long, president of Ripple, anticipates the key trends in the cryptocurrency industry for the coming year, focusing on compliance, institutional adoption, and blockchain integration into the traditional financial system.
In his predictions for 2024, Long anticipates a surpassing of speculative cycles through a growing focus on providing large-scale utility services in the cryptocurrency sector.
The expert entrepreneur believes that the maturity of the sector will allow for greater institutional adoption, highlighted by the upcoming launch of the first Bitcoin spot ETF in the United States.
Long also predicts a recovery of confidence in the sector after the recent controversies involving important actors like FTX and Binance, but emphasizes that a compliance-focused approach will be essential to restore public trust.
Therefore, it invites the sector to develop compliance tools for the DeFi sector, contributing to a safer and regulated environment.
Contrary to pessimistic predictions, Long emphasizes that blockchain will not replace banks by 2024.
Instead, it foresees a continuation of the trend in which traditional financial institutions integrate blockchain-based payment solutions, maintaining a “happy marriage” between the old and the new.
Long therefore believes that low fees and almost instant transfers will continue to attract prominent financial institutions.
Finally, Long anticipates an increase in the usability of digital resources in 2024, with a particular focus on the importance of crypto-native partners like Ripple for traditional companies.
Contrary to widespread self-custody, Long suggests that companies will rely on established partners to manage cryptographic resources, paving the way for a future where blockchain plays a central role in business operations.
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