Ripple Seeks License In Ireland To Drive EU Expansion

November 18, 2022 8:42 pm Comments

It looks like Ripple is once again looking to expand its presence internationally outside of the United States while the lawsuit between Ripple and the SEC drags on.

As of right now, the company is actively trying to expand its presence in Europe and already has employees in the area.

Ripple is currently seeking a virtual asset service provider license (VASP) from the Irish bank which will essentially allow it to bring all of its services to the European Union through an European entity.

The fact that the company is trying to do this indicates that it is continuing to invest deeply in international regions even though the crypto markets are currently going through a “winter” period.

CNBC reports:

The startup has two employees on the ground in the Republic of Ireland currently. It is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can “passport” its services throughout the Eurpean Union via an entity based there, Alderoty told CNBC.

Ripple also plans to file an application for an electronic money license in Ireland “shortly.” Its commitment to invest in Europe comes despite a deep downturn in crypto markets that’s been referred to as “crypto winter.”

The Irish central bank previously handed a VASP license to crypto exchange Gemini.

Ripple, which helps financial institutions move money around the world using blockchain technology, has over 750 employees globally, with roughly half of them based in the U.S.

About 60 are based in its London office, which Alderoty was visiting this week during a trip to the U.K. for its annual Swell event.

As of right now, it is speculated that there will be a ruling on the case between the SEC and Ripple sometime next year in 2023.

The final legal briefs will by due on November 30th of this year which further confirms the notion that the case may soon reach its end.

Throughout the case, Ripple has also managed obtain documents related to speeches from the former SEC official William who has been accused of having a conflict of interest.

In the speeches, Hinman states that sales of Ethereum is not considered securities transactions which became a huge debate topic among the crypto community.

CNBC concludes:

Ripple’s European expansion drive comes in anticipation of the EU’s MiCA crypto regulations going into effect in the coming years. MiCA seeks to align rules on crypto assets across the 27-member bloc. It was passed by EU lawmakers earlier this year.

The EU has said it may still need to come up with a separate regime for nonfungible tokens, or NFTs, a specific type of digital asset that tracks ownership of art and other assets on the blockchain.

“I think MiCA’s a very good start,” Alderoty said.

The U.K. is also a priority. Ripple on Monday released a set of guidelines outlining how it thinks Britain should regulate crypto.

A bill is making its way through the U.K. Parliament that would give the financial regulator greater oversight of crypto, however this is yet to become law.

Crypto executives are hoping Prime Minister Rishi Sunak, who is a fan of crypto and so-called “Web3,” will issue regulatory clarity to make the country a more attractive place for businesses to set up shop.

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