Ripple’s Regulatory Leap in Ireland
Cryptocurrency payment network Ripple has achieved a significant regulatory milestone in Ireland. The Central Bank of Ireland (CBI) has approved the firm as a virtual asset service provider (VASP), marking an important step in Ripple’s expansion and adherence to regulatory standards in the digital asset space.
Joining the CBI VASP Register
On December 19, Ripple announced its inclusion in the CBI’s list of registered VASPs. This approval allows Ripple to offer a range of digital asset services within Ireland’s regulatory framework, reinforcing its commitment to legal compliance and consumer protection in the fast-evolving cryptocurrency sector.
Ripple’s Scope of Services
According to the CBI’s VASP register, Ripple is now authorized to perform transactions on behalf of individuals or entities, transferring digital assets between addresses or accounts. Additionally, Ripple can provide exchange services between cryptocurrencies and fiat currencies, as well as custody services for digital assets. This broad scope of services places Ripple alongside other major players in the industry, under the regulatory oversight of the CBI.
A Growing List of Regulated Entities
Ripple’s entry into the CBI VASP register aligns it with other prominent cryptocurrency firms. Notable names on the list include Coinbase, a leading US-based crypto exchange; MoonPay, a renowned payment processor; Gemini exchange; and Zodia Custody. These firms represent the growing trend of cryptocurrency companies seeking regulatory approval to enhance credibility and consumer trust in their services.
Significance of Ripple’s Approval
Ripple’s approval by the Central Bank of Ireland as a VASP not only solidifies its presence in the Irish market but also exemplifies its dedication to operating within the bounds of regulatory frameworks globally. This move is seen as a strategic effort to foster a secure and legally compliant environment for users engaging in digital asset transactions, thereby bolstering the overall integrity of the cryptocurrency industry.