Ripple Intends to Apply for an Irish eMoney License

Crypto businesses are deciding to enter the block as a result of the EU's strides in regulating the sector

19 Nov 2022 By: Divya Behl
Ripple Intends to Ap

In related XRP news, Ripple has relocated to nations 

Outside of the United States as a result of its protracted legal dispute with the U.S. SEC.

Recent XRP-related news stated that the XRP token's creator, Ripple Labs, is looking for regulatory approval in the Republic of Ireland to enter the European market. In addition to seeking a virtual asset service provider (VASP) licence, Ripple intends to apply for an electronic money licence later on.

Ripple's XRP Expansion Strategy

The Irish government, which is a member of the European Union, informed Ripple that it already has two employees there (EU).

Ripple has shifted its focus to countries outside of the US as a result of its protracted legal battle with the US Securities and Exchange Commission, which contends that the company violated securities law by marketing the XRP token. The company already has partnerships in France and Sweden.

Despite having a sizable workforce in America, according to Ripple's general counsel Stuart Alderoty, the company no longer generates its money from the continent.

EU's Favorable View of Crypto

Crypto businesses are deciding to enter the block as a result of the EU's strides in regulating the sector. The complete Markets in Crypto Assets (MiCA) regulation, which intends to establish a licencing system that will allow enterprises to operate in all 27 of the member states, will be put to a vote in the EU in February.

After the exchange acquires this Irish licence, according to Alderoty, Ripple intends to "passport" its services over all of Europe. He said that it would shortly after submit a request for an electronic money licence in Ireland.

XRP Makes Progress Before Entering the EU

One of the top Web3 startups in Seattle, Stably, has announced the release of their multichain $1 pegged stablecoin on XRP Ledger (XRPL). The stablecoin supports XRPL's goal of offering a scalable and sustainable platform for individuals and organisations and trades under the ticker symbol USDS.

Market Response

The price of the XRP coin hasn't changed significantly as a result of the announcement. However, despite the FTX turbulence in the cryptocurrency market, the price has remained stable. The price of XRP increased 2.11% over the last day and is at $0.378 at the time of writing.