- Ripple received preliminary approval for a crucial EU-wide Crypto Asset Service Provider (CASP) license from Luxembourg’s regulator.
- The license, combined with its existing Electronic Money Institution license, will allow Ripple to offer regulated crypto and stablecoin payment services across 30 European countries.
- This approval arrives just before the July 1 deadline for EU nations to fully apply the new Markets in Crypto-Assets Regulation (MiCA) framework.
- Major competitors like Binance are still awaiting MiCA authorization, with reports suggesting its application may be denied in Greece.
Ripple has secured a pivotal regulatory greenlight in Europe, receiving preliminary approval for a Crypto Asset Service Provider (CASP) license from Luxembourg’s financial watchdog just days before a key EU deadline. This move, announced on Tuesday, builds on the company’s existing Electronic Money Institution (EMI) license in the same jurisdiction. Consequently, Ripple will soon be able to offer a complete suite of regulated crypto payment services across the entire European Economic Area through a single regulatory passport.
The combined licenses will enable a “full crypto asset and stablecoins payments infrastructure” for banks and fintechs for the first time. Ripple stated this positions it to expand its broader crypto asset activities in a region that is already a leading market for its products. “MiCA has helped to unlock a new wave of institutional digital assets adoption, and we are seeing that demand accelerate across the region,” said Cassie Craddock, managing director of UK and Europe at Ripple.
Meanwhile, Europe has become a regulatory battleground as the MiCA framework takes full effect on July 1. Many crypto firms are racing to secure authorization under the new regime. However, major exchanges like Binance are still awaiting their MiCA approvals. Ripple currently holds over 75 regulatory licenses globally, including one from the UK’s Financial Conduct Authority secured earlier this year.
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