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In recent news related to XRP, Ripple Labs, the issuer of the XRP token, reported that it’s seeking regulatory approval in the Republic of Ireland to enter the European market. Ripple is currently looking to obtain a virtual asset service provider (VASP) license and also has plans to file for the electronic money license thereafter.
Ripple’s Expansion Plan For XRP
Ripple informed that it already has two employees in the Irish jurisdiction, which is a member of the European Union (EU).
Due to its longstanding legal dispute with the U.S. Securities and Exchange Commission, which is claiming that the business broke securities law by selling the XRP token, Ripple has moved its focus to nations outside of the US. The business has already established alliances in Sweden and France.
As per Ripple’s General Counsel Stuart Alderoty, the company no longer derives its income from America even though having a substantial amount of staff in the country.
EU’s Positive Stance On Crypto
Due to the EU’s advancements in regulating the crypto industry, crypto companies have been choosing to enter the block. In February, the EU will vote on the comprehensive Markets in Crypto Assets (MiCA) law, which aims to create a licensing system that will let businesses operate in all 27 of the member states.
According to Alderoty, once the exchange receives this Irish license, Ripple aims to “passport” its services throughout Europe. Additionally, he said, it would submit a request for an electronic money license in Ireland soon after.
XRP Makes Advancements Ahead Of Entering EU
Stably, a leading Seattle-based Web3 startup has announced the launch of its multichain $1 pegged stablecoin on XRP Ledger (XRPL). The stablecoin which goes by the ticker symbol USDS, supports XRPL’s mission to provide a sustainable and scalable platform for individuals and organizations.
Read More: First USD Stablecoin Launches On XRP Ledger
Market Reaction
The news hasn’t much impacted the price of the XRP token. However, the price has held strong amidst the FTX turmoil in the crypto market. XRP’s price jumped 2.52% in the past 24 hours and currently sits at $0.38, at the time of writing.
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