Ripple has achieved a significant milestone by receiving official regulatory authorization from the Central Bank of Ireland to offer cryptocurrency services in Ireland's global payments network.

Ripple's Regulatory Triumph

The Ripple team recently made an important announcement regarding the inclusion of Ripple Markets in the Virtual Asset Service Providers (VASP) of the Central Bank of Ireland, marking a significant achievement.

This approval granted to Ripple enables them to offer digital asset services in Ireland. As a result, Ripple's Irish subsidiary, Ripple Markets Ireland Limited, will be added to the Central Bank of Ireland's VASP portfolio.

Moreover, this approval not only showcases Ripple's ambition for worldwide growth but also demonstrates their dedication to adhering to regulatory requirements and standards. This regulatory achievement will also create new possibilities for Ripple to offer specific services to users throughout the European Economic Area.

Celebrating Ripple's recent expansion achievement, Eric Van Miltenburg, SVP of Strategic Initiatives at Ripple, emphasized that the inclusion of Ripple Markets in Ireland will greatly enhance Ripple's visibility and capacity for innovation. He also revealed that this approval would empower Ripple in their mission to enhance and improve the virtual assets industry.

"The Central Bank of Ireland’s addition of Ripple Markets to its list of registered virtual asset service providers is a significant step forward for our business in the region. Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation,” Miltenburg stated.

Finding Hope in the Midst of SEC Challenges

Ripple has recently achieved a regulatory win in Ireland, but they continue to face regulatory difficulties due to their ongoing legal dispute with the United States Securities and Exchange Commission (SEC).

After the SEC filed a lawsuit against Ripple in December 2020, the crypto company has been entangled in a lengthy legal battle with the regulatory agency that has now stretched on for three years. In July 2023, Ripple achieved a partial victory when Judge Analisa Torres ruled in their favor, determining that the programmatic sales of XRP were not classified as securities.

According to Miltenburg, the approval from the Central Bank of Ireland for Ripple Markets will offer crucial regulatory clarity for the global payments provider and open doors for the company's future progress.

"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,” Miltenburg stated.