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Gungun Bhatia
Nov 19, 2022
by Gungun Bhatia

Ripple Requests a Crypto License in Republic of Ireland

Ripple Ireland

Table of contents

  1. Digital Currency License in Republic of Ireland
  2. MiCA To Create Licensing System
Ripple, a U.S.-based cryptocurrency payments network, is seeking regulatory clearance in the Republic of Ireland to penetrate the European market. According to the company's general counsel Stuart Alderoty, Ripple is seeking a virtual asset service provider (VASP) license and already has two workers in the country, a member of the European Union (EU).

Digital Currency License in Republic of Ireland

Due to its continuing legal dispute with the US Securities and Exchange Commission, which is accusing the business of breaking securities law by selling the XRP coin, Ripple has moved its focus to nations outside the US. Before Ripple requested for a digital currency license in Ireland, the business had previously partnered with organizations in Sweden and France.

Despite having many workers in the United States, Alderoty told CNBC that the company's clients and income are essentially all generated elsewhere. According to Alderoty, once the exchange receives this Irish license, Ripple aims to passport its operations throughout Europe. Additionally, it will submit a request for an electronic currency license in Ireland.

MiCA To Create Licensing System

Due to the EU's strides in industry regulation, cryptocurrency companies have been choosing to enter the market. The Markets in Crypto Assets (MiCA) law, which covers a wide range of topics and aims to create a licensing system that would let businesses operate across all 27 of the EU's member states, will be voted on in February.

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Ripple Requests a Crypto License in Republic of Ireland
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.