In brief
- Ripple secured a preliminary EMI license approval from Luxembourg's financial regulator (CSSF).
- The approval marks Ripple's second major regulatory milestone in a week following UK approval.
- XRP, which powers Ripple's payments platform, is up more than 3% on the day amid a crypto market upswing.
Crypto financial services company Ripple said Wednesday that it has received preliminary approval for an Electronic Money Institution (EMI) license from Luxembourg's financial regulator, CSSF.
The announcement comes just days after Ripple revealed that it had secured EMI license approval from the UK's Financial Conduct Authority. The Luxembourg approval, delivered as a "Green Light Letter," is a key step towards full EMI authorization and strengthens Ripple's ability to expand cross-border payment infrastructure across Europe.
“The EU was amongst the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty financial institutions need to move blockchain from pilots to commercial scale,” said Ripple President Monica Long, in a statement.
“By extending Ripple’s licensing portfolio and evolving our payments solution, we are doing more than just moving money,” she continued. “We are managing the end-to-end flow of value to unlock trillions in dormant capital and moving legacy finance into a digital future.”
Combined with the UK license, Ripple now holds over 75 regulatory licenses worldwide. The firm said that its Ripple Payments platform has expanded to over 90% of daily foreign exchange markets, processing more than $95 billion in volume to date.
"Gaining our preliminary approval is a pivotal step, enabling Ripple to provide essential blockchain infrastructure to clients across the EU,” said Ripple UK and Europe Managing Director Cassie Craddock, in a statement. “By prioritizing compliant operations, Ripple is empowering the region’s businesses to lean into the next era of financial innovation."
XRP, the asset that powers Ripple’s payments platform, was on the rise early Wednesday alongside Bitcoin and other top coins. The Ripple-linked asset recently changed hands for $2.17, up more than 3% on the day.