Ripple Wins Preliminary MiCA License Approval in Luxembourg
Forecast Trend Report by Period
Ripple has received preliminary approval for a crypto-asset service provider, or CASP, license under the European Union’s Markets in Crypto-Assets, or MiCA, framework.
Cointelegraph reported on June 23 that Ripple had won the preliminary approval from Luxembourg’s Commission de Surveillance du Secteur Financier. Once it secures final approval, Ripple will be able to offer crypto-asset services to banks, fintech companies and institutional clients across 30 countries in the European Economic Area through a single regulatory passport.
The approval follows Ripple’s electronic money institution, or EMI, license. Ripple obtained the EMI license in Luxembourg in February, laying the groundwork to provide electronic money and cross-border payment services across the EEA.
Ripple said combining the CASP and EMI licenses would allow it to offer crypto-asset and stablecoin payment infrastructure within a single integrated framework. The company added that it plans to use that base to expand further in the European market.
Cassie Craddock, Ripple’s managing director for the U.K. and Europe, said MiCA has accelerated institutional adoption of digital assets. Demand across Europe is rising quickly, she added.
The EU is due to fully implement the MiCA framework on July 1. Major crypto firms are racing to secure licenses, while Binance has yet to receive approval. Recent reports said Greece’s financial regulator could reject Binance’s MiCA application.
Ripple currently holds more than 75 regulatory licenses worldwide. Earlier this year, it also obtained a license from the U.K. Financial Conduct Authority.
