Ripple, the renowned crypto fintech company, is set to further its expansion in Europe by seeking a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. This move comes as Ripple faces ongoing legal challenges with the Securities and Exchange Commission (SEC) in the United States, prompting the firm to shift its focus towards other markets, particularly Europe. Stuart Alderoty, Ripple's lawyer, announced the company's plans to establish a European base in Ireland, leveraging its local team to facilitate this expansion.
In addition to the VASP license, Ripple is also planning to apply for an electronic money license in Ireland. The company aims to utilize the services provided by its local branch to cater to the entire European Union (EU). This strategic approach aligns with Ripple's commitment to complying with European cryptocurrency regulations, especially the Markets in Crypto-Assets (MiCA) framework, which is set to advance regulatory clarity in Europe by 2024.
Alderoty acknowledged the impact of Ripple's legal battle with the SEC, which has influenced the company's decision to operate primarily outside the United States. Despite maintaining a significant number of employees in the US, Ripple generates most of its clients and revenue internationally. The ongoing dispute with the SEC revolves around allegations of raising $1.3 billion through unregistered securities offerings related to its cryptocurrency, XRP, since 2013. This legal conflict exemplifies the strained relationship between US regulators and the crypto industry, contrasted with Europe's progressive regulatory developments.
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