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.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP