Ripple, a major player in the cryptocurrency payment network sector, has recently achieved a significant regulatory breakthrough in Ireland. The Central Bank of Ireland (CBI) has officially granted Ripple the status of a virtual asset service provider (VASP). This development, announced on December 19, marks a crucial step in Ripple’s expansion and compliance within the Irish financial ecosystem.
Under this new regulatory framework, Ripple is now authorized to provide a range of digital asset services in Ireland. As per the CBI’s VASP register, Ripple’s capabilities include facilitating transactions for individuals or entities by transferring digital assets across various addresses or accounts. This function is pivotal in the fluid movement of digital currencies in the ever-evolving digital finance world.
Furthermore, Ripple’s newly acquired status allows the firm to offer exchange services. These services are critical for the seamless exchange of cryptocurrencies with fiat currencies, catering to the diverse needs of users in the digital economy. Additionally, Ripple is permitted to engage in the exchange between different types of cryptocurrencies, enhancing its service portfolio.
Another significant aspect of Ripple’s approval as a VASP is its authorization to provide custody services. This service is integral to the secure storage and management of digital assets, ensuring safety and trust in the digital asset landscape.
Ripple joins an elite group of cryptocurrency firms listed in the CBI’s VASP register. This group includes prominent U.S.-based cryptocurrency exchanges like Coinbase and Gemini. The register also features other key industry players such as the payment processor MoonPay and Zodia Custody, known for their contributions to the digital finance sector.