Thanks to the license from the Irish regulator, Ripple will be able to conduct transactions on behalf of another individual or legal entity moving digital assets. The company is allowed to provide cryptocurrency exchange services for fiat or between different cryptocurrencies, as well as engage in asset custody.
The registration will expand Ripple's business in Europe following the implementation of the European Union's cryptocurrency regulation law (MiCA). To comply with the requirements, Ripple will need to obtain additional licenses.
In February of last year, Ripple opened an office in Dublin, which became its first office in the European Union. The company's leadership stated that Ireland provides a favorable environment for development. In 2018, the Central Bank of Ireland launched the Innovation Hub, allowing fintech companies to interact more easily with regulators.
Stuart Alderoty, Chief Legal Officer of Ripple Labs, noted that obtaining the approval of the Irish central bank amid regulatory uncertainty in the United States signals a successful end to the year for the company.
In October, Ripple obtained a license to operate with digital assets from the Monetary Authority of Singapore (MAS). Earlier, Ripple's CEO, Brad Garlinghouse, referred to the United States as a dangerous place for crypto companies.
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