On Wednesday, Ripple announced that it has received an initial electronic money institution (EMI) license from Luxembourg’s Financial Sector Supervisory Authority (CSSF). This follows a similar Crypto asset license and registration issued by the UK Financial Conduct Authority (FCA) last Friday.
EU regulatory progress
In his own press releaseRipple emphasized that these modern licenses contribute to its broad portfolio, now exceeding 75 regulatory approvals worldwide, positioning Ripple as one of the most licensed cryptocurrency companies in the world.
Monica Long, CEO of Ripple, noted the importance of the European Union’s changing position on digital assets:
The EU was one of the first major jurisdictions to introduce comprehensive regulation of digital assets, ensuring that financial institutions need to move from pilot programs to large-scale commercial operations.
By expanding and improving licensing options payment solutionsThe crypto giant aims to facilitate the flow of value and unlock what it describes as “trillions of dollars in dormant capital,” pushing legacy financial systems into the digital age.
Cassie Craddock, managing director for the UK and Europe at Ripple, echoed this sentiment, praising Luxembourg’s progressive regulatory environment for digital assets, stating:
The CSSF’s sophisticated supervisory approach positions Luxembourg as a hub for financial innovation, providing the harmonized framework and legal certainty that our industry requires.
She stressed that this pre-approval is a key milestone that will allow Ripple to offer the necessary products blockchain infrastructure to customers throughout the European Union.
The provisional approval, which comes in the form of a “green light letter” from the CSSF, is an vital step towards providing Ripple with full EMI authorization, provided certain conditions are met.
Ripple highlights the UK as a key market
In his recent announcement Regarding the UK, Ripple highlighted the country’s importance in its broader global strategy, noting that since 2016, London has been home to its largest office outside the US.
Notably, the company has demonstrated its commitment to the UK market through ongoing investment, which includes a growing workforce and support for local communities blockchain and development ecosystem.
Additionally, Ripple has made a significant contribution to UK blockchain developers and startups, and has donated over £5 million to UK universities through its flagship University Blockchain Research Initiative (UBRI) program.
In statement Referring to these developments, Stuart Alderoty, Chief Legal Officer at Ripple, expressed his pride in the progress made towards EMI licensing and Cryptoasset registration with the FCA:
This is another vital step forward and signals positive momentum for the UK digital assets industry, highlighting Ripple’s global licensing achievements.
At the time of writing, XRP is trading at $2.1485, up just over 3% in the last 24 hours amid a year-to-date recovery in the broader cryptocurrency market.
Featured image from DALL-E, chart from TradingView.com
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