Ripple is currently planning to apply for a VASP license in Ireland as the blockchain company aims to expand its operations in Europe despite the current persistent crypto winter.
The latest reports indicate that Ripple Labs is aiming to acquire a virtual asset service provider (VASP) license in Ireland to “passport” its services across the European Union (EU). That was the information provided by the crypto company’s General Counsel Stuart Alderoty while speaking to CNBC. Alderoty also stated that Ripple is now operating outside of the United States as a result of its current dispute with the Securities and Exchange Commission (SEC).
General Counsel of Ripple, Stuart Alderoty, said that the blockchain company is seeking to expand its operations in Europe, despite the current crypto market slump. The firm wants to acquire a virtual asset service provider (VASP) license specifically in Ireland, which would enable it to ‘passport’ its services in the European Union (EU), Alderoty stated in an interview with CNBC.
Moreover, Ripple is now planning to Apply for an electronic money license in Ireland, where it now has just two employees. Today, the only crypto company that has a VASP license in Ireland is Gemini, one of the many crypto projects that were affected by the Recent FTX collapse.
Although it is headquartered in San Francisco, Ripple no longer sources most of its profit from the United States. Alderoty told CNBC the company ‘effectively’ operates outside its home market because of its Continuing dispute with the US Securities and Exchange Commission (SEC). Stuart Alderoty, General Counsel at Ripple said:
“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.”
Ripple has over 750 employees throughout the world, nearly half of whom are based in the United States. The company manages an open-source and peer-to-peer decentralized platform that serves primarily as a global payments network, enabling users to exchange funds in many forms including euros, Litecoin, dollars, and bitcoin.
Coinbase And Blockchain Association Support Ripple In Its Legal Battle Against SEC
Ripple’s legal battle with the SEC dates back many months when the government watchdog sued Ripple for illegally selling its token XRP, without previously registering it as a security. Ripple has strongly opposed the SEC’s allegations, denying all claims that XRP is a security since it is used to facilitate cross-border transactions between financial institutions and banks.
Buy Bitcoin NowOver 10 firms have already filed amicus briefs in support of Ripple, including Blockchain Association and Coinbase, among others. An amicus brief is described as a written submission that is filed by an organization or a person to support one of the parties involved in a continuing legal battle.
In October, Ripple CEO Brad Garlinghouse said that he expects the firm’s dispute with the SEC to get resolved in 2023. He also stated that his firm is ready and willing to find some common ground with the SEC if the agency concedes that XRP is not a security.
