Enterprise blockchain solutions firm Ripple has secured a Crypto Asset Service Provider (CASP) license from Luxembourg.
Ripple initially obtained a full Electronic Money Institution (EMI) license in the small European country in February. This was then followed by a preliminary "green light" letter for the CASP license in June.
The approval is undoubtedly significant for Ripple now that the EU has switched to its post-transitional MiCA regulatory architecture. After its most recent regulatory breakthrough, the San Francisco-headquartered company is legally permitted to offer its regulated crypto payment products to corporate clients and financial institutions across all 30 member states of the European Economic Area (EEA).
Under MiCA, digital asset companies must meet strict compliance and capitalization standards to obtain a CASP license.
The European authorization expands Ripple’s broader global regulatory footprint.
The company's portfolio of regulatory approvals and licenses has now increased to more than 75 across various international jurisdictions.
"We’re fully licensed in Europe and excited to keep building on the incredible momentum of recent months. Let’s go!" executive Cassie Craddock said in her statement on the X social media network.
The deadline
Notably, July 1 marked the end of the transitional period for the Markets in Crypto-Assets Regulation (MiCA) for all jurisdictions (some EU countries, including Germany, Poland, and Latvia, had different cut-off dates).
Binance, the world's largest cryptocurrency exchange by trading volume, failed to secure a CASP license before the transitional window closed.
The cryptocurrency exchange behemoth notified its customers across several EU member states, including France, Italy, Spain, and Poland, that it would be forced to suspend certain services.
Dan Burgin
U.Today Editorial Team
