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Ripple has received preliminary regulatory approval for an electronic money institution license from Luxembourg’s financial regulator as the company seeks to expand its payments business across the European Union. Preliminary approval has been granted by the Commission de Surveillance du Financier (CSSF), which enables Ripple to expand its cross-border payments platform, enabling institutions across the EU to make payments using stablecoins and digital assets. Ripple said in a statement to The Block that the approval was issued in the form of a "green light letter" and that relevant conditions still need to be met before full authorization can be obtained. Following Ripple’s recent receipt of an Electronic Money Institution (EMI) license and crypto-asset registration from the UK Financial Conduct Authority (FCA), Ripple’s UK operations business Progress has also been made. This approval paves the way for Ripple to expand its platform in the UK, which is also moving towards establishing a comprehensive regulatory framework for crypto assets. Monica Long, president of Ripple, said in a statement: “The EU is the first major jurisdiction to introduce comprehensive digital asset regulation, providing the certainty needed for financial institutions to advance blockchain from the pilot phase to commercial scale. By expanding Ripple's licensing portfolio and evolving our payments solutions into a comprehensive suite of stablecoins and deep on-chain liquidity, we are doing more than just moving money. We are managing end-to-end value streams to unlock trillions of dollars of dormant capital and connect traditional finance with the digital future. ” Ripple Payments is a licensed end-to-end cross-border payments solutions provider that allows Ripple to manage funds on behalf of customers and connect customers with global payment partners. The company takes care of the underlying blockchain and operational complexity, allowing businesses to launch digital payment services without having to manage their own infrastructure. Cassie Craddock, managing director of Ripple UK and Europe, said Luxembourg’s regulatory approach provides the necessary legal certainty for financial innovation. She described this preliminary approval as a key step in providing digital asset infrastructure across Europe and highlighted Ripple’s emphasis on operating in compliance with MiCA regulations. Ripple Payments said it has surpassed $95 billion in transaction volume to date and has secured more than 75 licenses and registrations in major financial jurisdictions around the world.  If you are interested in joining the cross-border payment WeChat exchange group, please add the group owner on WeChat: qiao070132, and note the company + name + position + cross-border membership. (Incoming requests without a note will not be accepted) |
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