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Ripple Labs announced that it received regulatory approval from the Central Bank of Ireland for its subsidiary, Ripple Markets Ireland Limited. The subsidiary is now officially registered as a Virtual Asset Service Provider (VASP). This move will now allow the blockchain firm to offer compliant crypto services within Ireland. It will be important to see this major development’s effect on its native crypto, <a href="https://news.todayq.com/can-ripples-xrp-replace-swift-explained/" target="_blank" rel="noreferrer noopener">XRP price.</a> Ripple bags big win in Ireland 
Ripple and its executives have been facing constant <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" target="_blank" rel="noreferrer noopener">legal challenges</a> from the US Securities and Exchange Commission (SEC). However, this regulatory milestone achieved in Ireland will position Ripple to provide specific digital asset services in the region. It will reinforce the digital token issuer’s commitment to regulatory compliance. 
As per the official announcement, this move is expected to push Ripple’s business prospects in Ireland. It will also set the stage for the blockchain firm to extend its services across the broader European Economic Area. 
Stuart Alderoty, Chief Legal Officer at Ripple, celebrated the regulatory approval in a recent post. He highlighted Ripple’s major achievements in 2023. This includes securing a Payments Institution license from the Monetary Authority of Singapore (MAS) for its Singapore subsidiary and gaining approval from the Dubai Financial Services Authority (DFSA) for the use of XRP within the Dubai International Financial Centre (DIFC). What’s next? 
According to the report, Ripple’s strategic approach includes seeking to offer services to clients in the European Economic Area. However, this will happen when the Markets in Crypto Assets Regulation (MiCA) comes into effect at the end of 2024. 
It is important to note that the approval by the Central Bank of Ireland follows Ripple’s 2022 expansion into Dublin. The company now sees Ireland as an attractive destination for companies at the forefront of financial technology. 
On the market side, Ripple’s native crypto, XRP, recorded a slow momentum amid Bitcoin’s recent upward rally. XRP price managed to surge by 18% over the last 60 days, while, BTC price is up by 45%. XRP is trading at an average price of $0.607, at the press time. 
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Ripple gains VASP approval in Ireland amid legal prob in US

Todayq News

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