Ripple, the company behind the XRP Ledger (XRPL), has received a preliminary approval for a Crypto Asset Service Provider (CASP) license in Luxembourg, under the European Union’s Markets in Crypto Assets (MiCA) framework.
A full license would allow Ripple to offer its stablecoin payment systems to European clients and ‘expand into broader cryptoasset activities in the region,’ according to the official press release published on June 23.
Furthermore, the Ripple CASP license complements the company’s already existing Electronic Money Institution (EMI) license obtained in January, allowing European banks, fintech companies, and corporate clients to access collection, exchange, and payout services via a single integration.
A new Ripple MiCA license
Cassie Craddock, Ripple’s Managing Director for the U.K. and Europe, emphasized the importance of the new development now that demand for institutional digital asset services is accelerating, with the financial infrastructure moving more and more on-chain.
“MiCA has helped to unlock a new wave of institutional digital assets adoption, and we are seeing that demand accelerate across the region,” Craddock said.
According to the press release, the firm now holds more than 75 regulatory licenses worldwide. Matthew Osborne, Ripple’s Head of Policy in the region, further added that the company appreciates the collaborative approach on behalf of Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
“With our growing European presence, regulatory track record and institutional-grade infrastructure, we’re ready to meet the moment and support that transition at scale,” Craddock added.
The country’s strong regulatory expertise in financial services is clear, he said, which has made it a natural choice for Ripple’s expansion in Europe. While the news has generated a lot of speculative optimism, the official press release has, however, made it clear that the approval is still subject to final conditions.
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