Ripple Wins Major Backing Ireland

Ripple, a trailblazer in the blockchain industry and real-world use of blockchain technology has won pivotal backing in Ireland.

The Central Bank of Ireland has officially granted Ripple’s Irish subsidiary a coveted Virtual Asset Service Provider (VASP) license, which has unlocked a treasure trove of possibilities for Ripple’s digital asset ventures in Ireland.

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Ripple shared this news on X, giving many XRP community members a reason to be excited.

This landmark decision has set the stage for Ripple’s strategic European expansion. With the Markets in Crypto Assets Regulation (MiCA) due to land in late 2024, Ripple’s strategic Irish base positions it to leverage this continent-wide framework once it secures requisite licenses.

The Irish approval isn’t an isolated win. It aligns with Ripple’s global quest for regulatory clarity. Recent triumphs include securing a Major Payments Institution license in Singapore and securing Dubai’s green light for the use of XRP within the Dubai International Financial Centre (DIFC).

Ripple’s venture into Ireland began in 2022, fueled by a desire to break into Ireland’s booming fintech scene.

The country’s embrace of innovation, exemplified by the Central Bank’s pioneering Innovation Hub, creates a fertile ground for fintech companies like Ripple to collaborate with regulators and increase the adoption of cryptocurrencies and blockchain technology.

This pro-innovation stance resonated deeply with Ripple, leading them to establish their Dublin office, a decision now giving good results.

Beyond offering Ripple a launchpad for European expansion, the Irish approval signifies a major validation of its standing in the global digital asset space. It solidifies Ripple’s position as a leading player, paving the way for broader XRP adoption and exciting new use cases for the cryptocurrency and its network, the XRP Ledger (XRPL).

This approval from the Central Bank of Ireland also adds substantial momentum to Ripple’s unwavering pursuit of regulatory clarity, a cornerstone of its vision for a future where XRP seamlessly powers cross-border payments and revolutionizes the financial landscape. It has also set Ireland in front of the U.S. among countries with reasonable cryptocurrency regulations.

Read Also: David Schwartz Compares Ripple to Amazon to Prove XRP Holders Are Not Investors in Ripple

While powerful people in the U.S. are threatening to shut down the crypto market, other countries are accepting the improvements brought by blockchain technology and stepping into the future.

With a firm foothold in Ireland Ripple’s expansion into the rest of Europe seems inevitable. This Irish approval marks a monumental step forward for Ripple, the broader adoption of XRP, and the future of frictionless, global financial transactions.

Ripple is also expanding into other parts of the world, as the director of the Australian Freight and Trade Alliance (FTA) has confirmed discussions of a partnership with Ripple.

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