After crypto startup Ripple fell out with US authorities earlier this year, the company has shifted its focus to international expansion. In an effort to scale up, Ripple is currently seeking a license to operate as a virtual asset service provider (VASP) in Ireland. The company is currently awaiting a response from the central bank of Ireland. Once the approvals are passed, Ripple aims to ‘passport’ its services across the European Union (EU) through an entity based there.
The development was confirmed by Ripple’s General Counsel, Stuart Alderoty in an interview with CNBC.
In 2020, the US Securities and Exchange Commission sanctioned Ripple in a lawsuit for allegedly selling XRP illegally without registering it as a security first. Altcoin XRP was created in 2012.
In an ongoing legal battle, Ripple has continued to dispute the allegations and is currently awaiting a ruling on the case to be announced in the first half of next year.
Meanwhile, Ripple is working to move parts of its business to other markets despite the current downturn in the crypto market due to the collapse of the cryptocurrency market. Cryptocurrency Exchange FTX. The global crypto market has lost over $200 billion (approximately Rs 16,35,690) in the past few weeks.
The company plans to continue pouring investment into the EU region as the authorities there are trying to bring cryptocurrency regulation.
Earlier this year, the EU approved the draft MiCA rule that was first proposed in September 2020 and aims to create a unified rule. Legitimate cryptocurrency framework for all 27 EU countries.
The adjustment and implementation of the cryptocurrency policy could come into effect starting in 2024. The MiCA framework mainly revolves around protecting consumers as well as preventing market manipulation and financial crime in the cryptocurrency sector.
As for Ireland, the country hasn’t completely stopped experimenting with the cryptocurrency sector. The central bank of Ireland previously awarded a VASP license to crypto exchange Gemini to operate there.