CoinDesk Analysis Team
CoinDesk
Ripple, a U.S.-based crypto payments platform, is looking to obtain regulatory approval in the Republic of Ireland so it can access the European market, CNBC reported on Friday.
Ripple is looking to obtain a virtual asset service provider (VASP) license and already has two employees in the jurisdiction, which is a member of the European Union (EU), the company's General Counsel Stuart Alderoty told CNBC.
Ripple has turned its attention to countries outside the U.S. due to its ongoing lawsuit with the U.S. Securities and Exchange Commission, where the regulator alleges the company violated securities law with the sale of the XRP token. The company has already formed partnerships in France and Sweden.
“Essentially, its customers and its revenue are all driven outside of the U.S., even though we still have a lot of employees inside of the U.S.,” Alderoty told CNBC.
Once the exchange has this Irish license, Ripple wants to "passport" its services across Europe, Alderoty told CNBC. It is also going to file an application for an electronic money license in Ireland, he added.
Crypto firms have been opting to enter the EU due to its advances in regulating the sector. The bloc's wide-ranging Markets in Crypto Assets (MiCA) bill, which promises to set up a licensing regime that will allow companies to operate in all of its 27 jurisdictions will be voted on in February.
CoinDesk has reached out to Ripple for comment.
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