Ripple, a cryptocurrency payments platform based in the United States, is seeking regulatory approval in Ireland in order to enter the European market.
According to CNBC, Ripple General Counsel Stuart Alderoty stated that “effectively, Ripple is operating outside of the U.S.” today due to the fallout from its extensive legal battle with the U.S. Securities and Exchange Commission (SEC).
“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 added.
Ripple is attempting to obtain a virtual asset service provider (VASP) license from the Irish central bank to “passport” its services throughout the European Union through an entity based in Ireland. Currently, the company has two employees in the Republic of Ireland.
Ripple is currently involved in a legal dispute with the U.S. Securities and Exchange Commission following allegations that Ripple violated securities laws by selling the XRP token. Regardless, Ripple is shifting its focus to other countries. The company has already signed agreements in Sweden and France.
According to CNBC, Ripple also intends to apply for an electronic money license in Ireland “shortly.”
Ripple’s commitment to invest in Europe comes amid a severe decline in crypto markets dubbed “crypto winter.”
Because of the European Union’s recent advancements in regulating the industry, many crypto companies have decided to enter the region.
Ripple employs over 750 people globally, with roughly half based in the United States. Ripple employs approximately 60 people in its London office, and its primary service involves using blockchain technology to assist financial institutions in moving money around the world.
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