SAN FRANCISCO—Cryptocurrency payment network Ripple has reached a “regulatory milestone” in one country, with the Central Bank of Ireland (CBI) approving the firm as a virtual asset service provider (VASP).
According to data from the CBI’s VASP register, Ripple can conduct transactions on behalf of another natural or legal person who moves digital assets from one address or account to another, CoinTelegraph reported.
In the country, Ripple is also allowed to provide crypto exchange services against fiat currencies, as well as exchange between different cryptocurrencies and provide custody services, according to the register, Cointelegraph said.
Other Firms
Besides Ripple, the CBI’s VASP register includes cryptocurrency firms like the United States-based crypto exchange Coinbase, payment processor MoonPay, Gemini exchange and Zodia Custody.
According to the report, with the registration, Ripple aims to offer crypto services to clients within the European Economic Area after the adoption of major European cryptocurrency regulations known as the Markets in Crypto Assets Regulation (MiCA). Expected to come into force by the end of 2024, MiCA aims to increase investor protection and improve compliance with Anti-Money Laundering laws, the report added
Similar legislation has already been signed as law in Indiana and Florida.
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