Ripple seeks license from Irish regulator: CNBC
Quick Take
- Ripple is looking to gain a license from Ireland as the company seeks to expand its presence in Europe.
- An Irish license could grant Ripple access to the rest of the EU as new crypto laws eventually come into play.
Crypto payments company Ripple is seeking a virtual asset service provider license from the Irish regulator as it expands its operations in Europe, according to CNBC.
When new laws on crypto regulation in the European Union come into force, expected in 2024, Ripple would then be able to “passport” its European license to the rest of the 27 states in the bloc. Ripple will also seek an e-money license “shortly,” Ripple general counsel Stuart Alderoty told CNBC.
The U.S.-based company is involved in a dispute with the Securities and Exchange Commission that is driving the company to look for business abroad. “Effectively, Ripple is operating outside of the U.S.,” Alderoty said in the report.
The SEC filed a lawsuit against Ripple in 2020 alleging that the sale of its XRP tokens counted as unregistered securities worth $1.3 billion. Ripple’s head of public policy, Susan Friedman, recently told The Block that they are in the process of filing a reply brief to summary judgment and are expecting a ruling in 2023.
Amid its expansion into Europe, Ripple also sought licensing from the UK regulator this week. Ripple has about 60 people on the ground in the UK and two in Ireland.
Ireland granted the currently troubled Gemini exchange a virtual asset service provider license in October.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
