Ripple is seeking license in Ireland to gain foothold in European Union
By securing an Irish virtual asset service provider (VASP) license, Ripple intends to increase its presence within the European Union.
Ripple to Expand its European Presence by Obtaining a License in Ireland
The enterprise blockchain provider Ripple wants to strengthen its presence in the European Union by seeking to secure a virtual asset service provider (VASP) license from Ireland’s central bank. Ripple’s General Counsel Stuart Alderoty and CEO Brad Garlinghouse also gave their two cents on FTX’s fiasco, arguing that global regulators should impose comprehensive rules on the sector to prevent future adverse events.
In a recent interview for CNBC, Alderoty explained that Ripple no longer relies on the US to extract most of its revenue. As such, it has turned its sight toward Europe and, more specifically, Ireland. “Essentially, its customers and its revenue are all driven outside of the US, even though we still have a lot of employees inside of the US,” he outlined.
Ripple has already dabbled in the Irish market and will attempt to secure a VASP from the nation’s central bank to “passport” its business activities across the EU. The organization also plans to soon apply for an electronic money license in the island country.
In the past, the Bank of Ireland has exhibited a favorable approach toward crypto groups. It gave Gemini’s platform permission to provide local customers with digital asset services in July.
“Dublin is Gemini’s European headquarters, and we see huge interest in crypto here. This registration helps customers have confidence in Gemini as a secure and transparent provider,” the firm’s Head of Ireland and Europe – Gillian Lynch – said back then.
Ripple would not be the first U.S. company to register with the Central Bank of Ireland as a VASP. Gemini, a U.S.-based crypto exchange helmed by the Winklevoss twins, received authorization to market to Irish customers in July. So far, Ripple has only two employees in Ireland, but it has assembled a 60-strong team in the U.K. Overall, the San Francisco-based company now has 750 employees around the globe.
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