Ripple announced on Wednesday that it has successfully obtained a preliminary Electronic Money Institution (EMI) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). This significant achievement follows closely after the company secured a similar license and Crypto Asset Registration from the UK’s Financial Conduct Authority (FCA) just last Friday.
EU Regulatory Progress
In its press release, Ripple highlighted that these new licenses contribute to its already extensive portfolio, now surpassing 75 regulatory approvals worldwide, which positions Ripple as one of the most licensed cryptocurrency companies globally.
Monica Long, President of Ripple, emphasized the importance of the EU’s evolving stance on digital assets:
The EU was among the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty that financial institutions need to transition from pilot programs to large-scale commercial operations.
By expanding its licensing capabilities and refining its payment solutions, Ripple aims to facilitate the movement of value and unlock what it describes as “trillions of dollars in dormant capital,” driving legacy financial systems into a digital era.
Cassie Craddock, Managing Director for the UK and Europe at Ripple, echoed this sentiment by praising Luxembourg’s progressive regulatory environment for digital assets:
Thanks to the CSSF’s sophisticated supervisory approach, Luxembourg is establishing itself as a hub for financial innovation by delivering the harmonized framework and legal certainty that our industry requires.
She noted that this preliminary approval is a key milestone, allowing Ripple to offer crucial blockchain infrastructure to clients across the European Union.
The preliminary approval, which arrives in the form of a ‘Green Light Letter’ from the CSSF, signifies an important step toward Ripple securing its full EMI authorization, contingent upon meeting certain conditions.
Ripple Highlights UK As Key Market
In its recent announcement regarding the UK, Ripple has underlined the significance of the country in its broader global strategy, noting that London hosts its largest office outside the United States since 2016.
Ripple’s commitment to the UK market is evident through its ongoing investments, which include expanding its workforce and supporting the local blockchain and developer ecosystem.
Moreover, Ripple has made substantial contributions to UK-based blockchain developers and startups, alongside a commitment of over £5 million to UK universities through its signature University Blockchain Research Initiative (UBRI) program.
In a statement addressing these developments, Stuart Alderoty, Chief Legal Officer at Ripple, expressed pride in the progress made with the EMI license and Cryptoasset Registration from the FCA, stating:
This is yet another major step forward, and it signals positive momentum for the UK’s digital assets industry, underscoring Ripple’s licensing achievements globally.
As of the time of writing, XRP was trading at $2.1485, reflecting a slight increase of more than 3% in the past 24 hours, as the overall crypto market shows signs of recovery since the beginning of the year.
