Ripple has received initial approval for an Electronic Money Institution (EMI) license from Luxembourg’s financial regulator, a critical step in the company’s push to expand its regulated services across the European Union.
The “green light letter” from the Commission de Surveillance du Secteur Financier (CSSF) positions the blockchain payments firm to eventually offer regulated stablecoin and payment services throughout the European Economic Area (EEA).
Once fully authorized, the license will allow Ripple to “passport” its services across all EU member states under the Markets in Crypto-Assets (MiCA) regulation without needing separate licenses for each country.
“Regulatory clarity is the bedrock of institutional adoption, and by prioritizing MiCA-compliant operations, Ripple is empowering the region’s businesses to lean into the next era of financial innovation,” said Cassie Craddock, Ripple’s Managing Director for the UK and Europe.
The approval follows a similar regulatory win for Ripple in the UK, where the firm recently secured both EMI and crypto asset registrations from the Financial Conduct Authority (FCA).
Source:https://www.theblock.co/post/385375/ripple-secures-preliminary-emi-license-approval-in-luxembourg