Ripple has chosen Ireland as its “primary base” in the EU as it prepares to offer a range of digital asset services in the country.
Ripple, a leader in blockchain and crypto solutions, has announced that its Irish subsidiary, Ripple Markets Ireland Limited, has been registered by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP).
This registration enables Ripple to provide certain digital asset services within Ireland, the December 19 announcement affirms.
Ripple said that it seeks to provide services to clients across the European Economic Area after the widely anticipated Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024.
Read more: MiCA: What’s in the new EU crypto legislation?
Eric van Miltenburg, SVP at Strategic Initiatives, said that Ireland has positioned itself as a “supportive jurisdiction” for the digital assets industry, which is why it has chosen the country as its “primary base” for EU regulation.
“By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries,” he said.
Ripple was recently involved in a high-profile legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP, its native token, as a security.
In July, the blockchain network achieved a notable victory after the court ruled that Ripple did not violate federal securities law by selling its XRP token on public exchanges.
At the time of writing, XRP is trading hands at $0.611. This price represents a 77.5% gain from the same time last year, per CoinGecko data.
Read more: SEC can’t appeal Ripple decision, says District Judge
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