Ripple Wins Full MiCA License in Luxembourg, Opening EEA-Wide Crypto Services
Summary
- Ripple said it obtained a CASP license from Luxembourg's financial regulator under MiCA.
- The license, combined with its existing electronic money institution (EMI) license, allows the company to provide compliant crypto-asset services across the European Economic Area (EEA).
- Ripple said it is one of a small number of digital-asset firms holding more than 75 regulatory licenses worldwide, including FCA approval in the U.K. in January.
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Ripple has received formal authorization under the European Union's Markets in Crypto-Assets, or MiCA, framework.
The company secured a crypto-asset service provider, or CASP, license from Luxembourg's financial regulator, Cointelegraph reported on July 6. The approval follows preliminary clearance in June. Combined with Ripple's existing electronic money institution, or EMI, license, it gives the company a legal basis to offer compliant crypto-asset services across the European Economic Area, or EEA.
Cassie Craddock, Ripple's managing director for the U.K. and Europe, said the CASP approval allows the company to expand in full regulatory compliance in the post-MiCA transition era.
The authorization makes Ripple one of a small group of digital-asset firms with full MiCA approval. Ripple holds more than 75 regulatory licenses globally, including authorization from the U.K. Financial Conduct Authority in January.
The approval came just after the EU's MiCA transition period ended on July 1. From that date, crypto firms in the bloc must either obtain authorization or stop providing regulated services. The European Securities and Markets Authority recently added 37 companies to its public register of authorized firms, including Standard Chartered, FalconX and Sygnum Europe, bringing the total number of listed crypto-asset service providers to 280.
By contrast, Binance, the world's largest crypto exchange, withdrew its MiCA application in Greece ahead of the July 1 transition deadline. The company said it is pursuing authorization in other member states while taking steps to comply with EU rules. Belgium's Financial Services and Markets Authority has already begun enforcing MiCA, identifying six crypto-asset service providers operating without authorization and adding them to its list of unlicensed firms.
