Blockchain payments company Ripple has managed to secure preliminary regulatory approval to expand its services across the European Union.
The company announced Tuesday that it had received a Crypto Asset Service Provider (CASP) license approval from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF).
The approval is yet to be finalized (it remains subject to final administrative conditions).
Once Ripple gets the final greenlight, it will be able to offer regulated crypto asset and stablecoin services across all 30 member states of the European Economic Area (EEA) under the EU’s Markets in Crypto-Assets (MiCA) framework.
European infrastructure
Those who follow the latest regulatory developments in the EU might recall that Ripple has an existing Electronic Money Institution (EMI) license in the region.
The company says that combining these two regulatory designations will make it possible for European commercial banks, fintech firms, and corporations to use Ripple’s payment solutions.
“Once fully approved, European banks, FIs, and fintechs will be able to access our end-to-end cryptoasset and stablecoin payments infrastructure through a single regulated integration. The next wave of institutional digital asset adoption in Europe is here!” Cassie Craddock, Ripple’s Managing Director for the UK and Europe.
Investing in Europe
As reported by U.Today, Craddock stated that Ripple is heavily investing in Europe. In fact, its second-largest global office is located in London, attracting top-tier financial talent.
The company now employs around 200 people across its European operations. The company now has additional offices in Luxembourg, Iceland, Ireland, and an engineering hub in Geneva.
