Ripple Plans Expansion Targeting Ireland as a Place to Set Up a New Shop.
Ripple is looking outside of the US primarily to Europe as it continues its battle with the Securities and Exchange Commission.
Stuart Alderoty, Ripple’s lawyer, told CNBC in an interview Friday that “effectively, Ripple is operating outside the U.S.” and is now seeking to set up shop in Ireland.
“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.,” he said
The company is applying for a virtual asset service provider (VASP) license from the Irish central bank in order to offer its services throughout the European Union. At the moment, the startup has two employees in the Republic of Ireland.
An electronic money license application will be filed in the European country, according to Ripple’s lawyer.
Earlier this week, Ripple released a regulatory whitepaper to inform UK lawmakers on cryptocurrency regulation.
Previously, the Irish central bank granted a VASP license to crypto exchange Gemini.
The crypto users response to this expansion plan
The news has attracted a positive response from crypto users on Twitter. “Ripple ain’t stopping, nothing is stopping the xrp decentralized ledger. The btc n ether maxis or just about anyone that can’t differentiate the two will stay far behind. As R. Rios said, the train has left the station!,” said. one Twitter users.
“expansion”, riiiight… Or just move to Ireland and run it’s business from there, that would be the smart move, to get out of regulatory backwater USA,” said another user.
"expansion", riiiight… Or just move to Ireland and run it's business from there, that would be the smart move, to get out of regulatory backwater USA. pic.twitter.com/SxwLAKRTWh
— WildinXoge (@Born2BWildin) November 18, 2022
Additionally, Ripple Labs, whose founders created XRP, the seventh largest cryptocurrency, is still fighting the SEC over a lawsuit filed in 2020.
Ripple was accused of misleading investors by the Securities and Exchange Commission (SEC) in December 2020.
By raising $1.3 billion in unregistered securities offerings between 2013 and 2016, the firm is accused of violating the law.