Luxembourg gives Ripple preliminary approval for licence… “springboard for EU business”

Ripple, the issuer of XRP, has obtained a licence in Luxembourg to operate its cryptocurrency business.

According to The Block on the 14th (local time), Ripple recently received preliminary approval from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), to obtain an Electronic Money Institution (EMI) licence. The Block said, “This preliminary approval follows Ripple’s recent receipt of an EMI licence and registration as a crypto-asset business with the UK Financial Conduct Authority (FCA),” adding that “Ripple can now expand its cross-border payments platform and support EU institutions in making payments using digital assets such as stablecoins.”

Ripple views the preliminary approval as a turning point for expanding its EU business. Cassie Craddock, Ripple’s Managing Director for the UK and Europe, said, “This approval is an important step in the process of building digital-asset infrastructure across Europe,” adding that “Ripple is focused on complying with the EU’s Markets in Crypto-Assets (MiCA) regulation.”

Monica Long, President of Ripple, said, “The EU is the first major jurisdiction to introduce a comprehensive digital-asset regulatory framework,” adding that “this provides the regulatory certainty financial institutions need to move blockchain from the pilot stage to commercial deployment.” She added, “Ripple is developing a comprehensive payments solution that expands its portfolio of licences and integrates stablecoins and on-chain liquidity,” and said it would “unlock potential capital worth trillions of dollars and connect the legacy financial system with the digital future.”