Ripple Gets Preliminary MiCA Approval for CASP License in Luxembourg

Ripple said it 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.

Ripple announced on June 23 that Luxembourg’s Commission de Surveillance du Secteur Financier, or CSSF, had granted the preliminary approval. Once it receives final approval, the company 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. The company obtained the EMI license in Luxembourg in February, giving it a foundation to provide e-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 in a single integrated environment. It added that it plans to expand further in the European market on that basis.

Cassie Craddock, Ripple’s head of the U.K. and Europe, said MiCA has helped accelerate institutional adoption of digital assets. Demand across Europe is rising quickly, she added.

Europe is set to begin fully implementing the MiCA framework on July 1. As major crypto firms race to secure licenses, Binance has yet to win approval. There have also been recent reports that 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.