XRP Adoption In Focus As Ripple Secures Full e-money Nod In Luxembourg To Scale Payment Services In The EU ⋆ ZyCrypto

Ripple received full authorization for an Electronic Money Institution license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), on Monday. 

The authorization allows Ripple to expand its regulated payments and digital asset services across the European Union, the company said in a press release.

“Europe has always been a strategic priority for us, and this authorization allows us to scale our mission of providing robust, compliant blockchain infrastructure to clients across the EU,” Cassie Craddock, Managing Director, UK & Europe at Ripple, stated.

According to Craddock, the license gives Ripple a regulated gateway to provide its blockchain-based payment services involving stablecoins and other digital assets to European businesses. 

“We are now better positioned than ever to help European businesses transition into a more efficient, digital-first financial era,” he explained.

Ripple secured preliminary approval on Jan. 14 and has since satisfied all conditions mandated by the CSSF, which has now granted final authorization.

Ripple’s MiCA License Application Underway

Ripple’s regulatory win in Luxembourg marks its second approval in recent weeks, following EMI and crypto asset business authorizations granted by the UK’s Financial Conduct Authority to its local subsidiary, Ripple Markets UK, early last month.

The company is also pursuing approval under the European Union’s Markets in Crypto-Assets (MiCA) regime to align its operations with the bloc’s new digital-asset rules. Ripple aims to achieve full MiCA compliance by obtaining a crypto-asset service provider (CASP) license in the coming months.

Ripple noted that new licenses from the EU and the UK will add to the company’s portfolio of over 75 licenses worldwide, making it one of the most-licensed crypto companies as the industry moves toward regulated, institution-oriented use cases.

XRP, the asset that powers Ripple’s payments platform, was down on Monday alongside Bitcoin and other top coins, despite the major regulatory development in Luxembourg. The Ripple-linked asset recently changed hands at $1.60, reflecting a 1.2% drop on the day, CoinGecko data shows. XRP has fallen by around 31% from its Jan. 6 high of $2.39.