Ripple has chosen Ireland as its foothold to access the European Union. The enterprise blockchain development firm has registered with the Central Bank of Ireland as a virtual asset service provider.
Ripple has also said it will seek a licence from Ireland ahead of regulators enforcing new EU-wide laws for crypto firms.
With the Markets in Crypto-Asset regulation going live by the end of next year, industry actors can pick one member state from which it can passport its licence to the EU’s 450 million population.
“By providing regulatory clarity for the industry, Ireland — and the EU more broadly — are boosting confidence in the digital assets, payments and fintech ecosystem,” said Eric van Miltenburg, Ripple’s senior vice president for strategic initiatives, in a statement.
The news comes two months after leading crypto exchange Coinbase also picked Dublin for a EU headquarters and MiCA licence.
Ripple and Coinbase are joining a host of giant global tech firms — including Google, Meta and Apple — benefiting from Ireland’s tech-friendly policies and notoriously low corporate tax rate. Ripple has had an office in Dublin since 2022.
But across the Atlantic, Ripple has been embroiled in a lawsuit with the US Securities and Exchange Commission since 2020.
US regulators allege that Ripple has handled and raised funds using unregistered securities with XRP, the token the firm uses to facilitate transactions on its network.
Ripple saw a partial win on the case in October, when the SEC dropped charges against two top executives.
Nonetheless, the final results will be a decisive moment for the crypto industry in its fight for legitimacy.
As trouble continues stateside, experts say Europe beckons with clear regulations and pathways for firms offering crypto services and tokens.
Inbar Preiss is a Brussels-based correspondent who covers crypto regulatory policy. Have a tip? Contact her at inbar@dlnews.com.
