Ripple Seeks License in Ireland as It Plans to Promote EU Expansion
After crypto startup Ripple ran afoul of US authorities earlier this year, the company shifted its focus to expanding international markets. In an effort to increase its expansion, Ripple is now seeking licenses to operate as virtual asset service providers (VASPs) in Ireland. The company is now awaiting a response from the Irish central bank. Once the approvals are in, Ripple intends to ‘passport’ its services to the rest of the European Union (EU) through a business based there.
The development was confirmed by Ripple General Counsel Stuart Alderoty in an interview CNBC,
Ripple said it currently has two employees in Ireland and is moving forward, the issuer of the XRP cryptocurrency and plans to apply for an electronic currency license.
In 2020, the US Securities and Exchange Commission took Ripple to court for allegedly illegally selling XRP, without first registering it as a security. XRP altcoin was founded in 2012.
In an ongoing legal battle, Ripple has continued to dispute these allegations and is now awaiting a decision on the lawsuit to be announced in the first half of next year.
Meanwhile, Ripple is making efforts to move parts of its business to other markets despite the current downturn in the crypto market caused by the collapse of the FTX crypto exchange. The global crypto market has lost more than $200 billion (roughly Rs. 16,35,690 crore) in the last few weeks.
The firm plans to continue investing in the EU region now that authorities are trying to bring in crypto regulations.
Earlier this year, the EU approved the MiCA draft law which was first proposed in September 2020 and aims to create a legal crypto framework for all 27 EU states.
The preparation and implementation of these crypto policies may come into effect from 2024. The MiCA framework focuses on consumer protection and the prevention of market manipulation and financial crimes in the crypto sector.
As for Ireland, the country has not completely shut down the crypto sector. Ireland’s central bank previously granted a VASP license to crypto exchange Gemini to operate there.
