Ripple received a license to operate as a digital asset service operator in Ireland

Cryptocurrency payment network Ripple has reached another regulatory milestone in Ireland, with the Central Bank of Ireland (CBI) approving the company as a Virtual Asset Service Provider (VASP).

Announcing the news on December 19, Ripple has now been added to the CBI's list of registered VASPs, which will allow the organization to offer certain digital asset services in Ireland.

According to information from the CBI VASP file, Ripple can conduct transactions on behalf of another natural or legal person who moves digital assets from one address or account to another. In addition, Ripple will be allowed to provide crypto exchange services against fiat currencies, as well as exchange between different cryptocurrencies and provide custody services, the filing said.

In addition to Ripple, the CBI's VASP registry includes cryptocurrency companies such as United States-based crypto exchange Coinbase, payment processor MoonPay, Gemini exchange and Zodia Custody.

With the registration, Ripple plans to offer crypto services to customers in the European Economic Area after the approval of major European crypto regulations known as the Markets in Crypto Assets Regulation (MCA). The MCA, which is expected to come into effect by the end of 2024, aims to increase investor protection and improve compliance with anti-money laundering laws.

“CBI's addition of Ripple Markets to its list of registered virtual assets providers is a significant development for our business in the region,” said Eric Van Miltenberg, Ripple's senior vice president of strategic initiatives. He added:

Ireland has positioned itself as a supportive jurisdiction for the virtual resources industry and is also a good location for businesses like Ripple's, which reinforced our decision to make Ireland our main base for EU regulation.

Ripple's latest Irish regulatory successes come nearly two years after the company established its first offices in Ireland. Ripple has reportedly opened an office in Dublin in February 2022, with plans to launch services in Ireland and serve the wider European market.

Related: Ripple exec He predicts changes in the crypto landscape in 2024

In addition to global expansion, Ripple is moving forward with domestic legal issues, scoring a major victory in a long legal battle initiated by the US Securities and Exchange Commission (SEC) in July 2023. Illegally raising over $1.3 billion in unregistered securities offering by selling the XRP cryptocurrency.

Other companies such as Coinbase have recently been increasing their presence in Europe and particularly Ireland. In the year In October 2023, Coinbase officially announced Ireland as its European Crypto of choice.