December 2023 was the Year, Ripple, through its official website announced its addition to the Central Bank of Ireland’s Virtual Asset Service Providers Register. This was and still is a major move FOR rIPPLE toward the CBDC revolution.
Ripple’s registration with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP) marked a pivotal moment for Ripple’s European expansion.
A Brief Recap of 2023’s Events
- Registration with the CBI: Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, successfully registered with the CBI as a VASP.
- Expansion Plans: The registration paved the way for Ripple to offer various crypto-related services in Ireland, including exchange, transfer, custody, and potentially other regulated financial services.
- European Market Entry: This development was seen as a strategic move for Ripple, positioning the company to tap into the growing European market for crypto assets.
Impact of the Registration
While the registration took place in 2023, its implications continue to reverberate through the XRP community and the broader cryptocurrency landscape. Key points to consider include:
- Regulatory Clarity: The registration provided Ripple with a clear regulatory framework within which to operate in Ireland, offering both the company and its clients greater certainty.
- Market Access: It opened up new opportunities for Ripple to reach a wider European audience and potentially increase XRP’s adoption.
- Positive Sentiment: The registration was generally viewed as a positive development, boosting confidence in Ripple’s ability to navigate the complex regulatory landscape and expand its business.
Ripple’s journey in Europe continues. The company expressed its intention to leverage this Irish registration as a foundation for further expansion across the European Economic Area (EEA) once the Markets in Crypto Assets Regulation (MiCA) comes into effect.
With the SEC case victory, all one can ask is how far will Ripple go to solidify its place as the leader in the CBDC revolution.
