Ripple Secures Preliminary Crypto License in Luxembourg for MiCA Compliance

Crypto payments firm Ripple has obtained a preliminary Crypto Asset Service Provider (CASP) license in Luxembourg, according to an official announcement on June 23. The license was granted via a “Green Light Letter” from Luxembourg’s financial regulator, the CSSF, under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

This CASP license, combined with Ripple’s existing electronic money institution (EMI) license in Luxembourg, enables the company to offer its full suite of crypto and stablecoin payment services across all 30 countries of the European Economic Area (EEA). European banks, fintechs, and corporates can now access services including collecting, exchanging, and paying out via a single regulated integration.

Cassie Craddock, Managing Director for UK & Europe at Ripple, stated: “Financial market infrastructure is moving onchain – from cross-border payments and settlement to collateral management and tokenised assets – and banks and fintechs are actively building the digital asset capabilities they need to remain competitive.”

The license positions Ripple for full MiCA compliance ahead of the July 1 transition deadline. The company’s global license count has now grown to over 75, making it one of the most licensed firms in the crypto space as the industry shifts toward regulated, institutional use cases.

Following the announcement, XRP price rose slightly to $1.11, with trading volume increasing by more than 18%. However, futures open interest on Binance saw a rise, while CME XRP futures open interest fell nearly 4% in the last four hours, according to Coinglass data.

Source: https://coingape.com/ripple-secures-crypto-license-in-luxembourg-for-mica-compliance/