Ripple secured a Crypto Asset Service Provider (CASP) license in Luxembourg, allowing the company to provide regulated crypto-asset services across the European Economic Area under the Markets in Crypto-Assets (MiCA) framework.
FinTech company Ripple, one of the leading providers of enterprise-grade blockchain infrastructure solutions, said it received a CASP license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). The authorization followed the preliminary approval granted in June and confirmed the company’s full compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The license allows Ripple to provide regulated crypto-asset services to financial institutions, corporations, and businesses across all 30 countries of the European Economic Area. Cassie Craddock, Managing Director, U.K. and Europe at Ripple, said the company’s crypto payments solution is now fully MiCA compliant and available to customers throughout the region.
Combined with Ripple’s existing Electronic Money Institution (EMI) license, the CASP authorization makes the company one of only a few digital asset firms with the full set of regulatory approvals required to operate under MiCA.
In total, Ripple holds more than 75 regulatory licenses and authorizations worldwide, including:
- an EMI license and cryptoasset business registration from the U.K. Financial Conduct Authority (FCA);
- a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS);
- a Dubai Financial Services Authority (DFSA) license to provide regulated crypto payment services in the Dubai International Financial Centre (DIFC);
- a Trust Charter from the New York State Department of Financial Services (NYDFS), as well as a Virtual Currency License (BitLicense) to operate in the New York market;
- Money Transmitter Licenses (MTLs) in most U.S. states, allowing the company to provide money transfer services.
Craddock also said the MiCA authorization will allow Ripple to expand its presence across the European market. According to her, financial institutions across Europe are looking to develop digital asset services with regulated partners, and Ripple is ready to meet that demand.
Beginning July 1, crypto companies operating in the European Union were required to obtain the appropriate authorization or stop providing regulated services. The European Securities and Markets Authority (ESMA) updated its register of licensed crypto firms, listing 244 Crypto Asset Service Providers (CASPs) and 40 Electronic Money Token (EMT) issuers licensed under MiCA.
