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Ripple Obtains VASP License from Central Bank of Ireland

Key Developments

Ripple has obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. The company established an office in Dublin and applied for the license over a year ago to expand European operations.

The Central Bank of Ireland’s VASP license process began in 2021, aiming to enforce anti-money laundering and anti-terrorism financing compliance. With the new license, Ripple’s Irish entity can now offer digital asset services in Ireland.

Eric van Miltenburg, Chief Business Officer at Ripple, highlighted the license as a significant advancement for Ripple’s business in the region. Ripple plans to extend services to the European Economic Area under the Markets in Crypto Assets Regulation (MiCA), effective next year.

Expanding Across Europe

MiCA will allow firms with a license in one EU country to operate across all 27 member states. In October, Ripple received a Major Payments Institution license from Singapore’s Monetary Authority. Last month, Ripple’s XRP token was approved for use in the Dubai International Financial Centre (DIFC).

SEC Review of XRP Ruling

In May, a US court ruled that selling XRP on exchanges is not an investment contract, though XRP is a security when sold to institutional investors. The SEC is reviewing this decision and may challenge the ruling, according to Preston Byrne, partner at Brown Rudnick.

The summary judgment is seen as a partial win for Ripple with the distinction being made between primary sales (viewed as investment contracts) and secondary sales/distributions to employees (not viewed as investment contracts).

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