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Ripple Secures Preliminary Approval in EU Through Luxembourg MiCA License
- On Tuesday, San Francisco-based Ripple received a preliminary Crypto Asset Service Provider license from Luxembourg's Commission de Surveillance du Secteur Financier under the European Union's Markets in Crypto Assets regulation.
- The approval arrived as a "Green Light Letter," which is still subject to final conditions, so it isn't the finished license yet; MiCA rules take full effect on July 1, making this regulatory step crucial.
- Ripple already holds an EU money license, the EMI, and combining this with the new CASP approval allows clients to convert cash to crypto and back through one integration, a first for the European market.
- Once finalized, this license enables Ripple to serve all 30 countries across the European Economic Area under MiCA, while the firm now holds more than 75 licenses and registrations worldwide.
- Competitors like Coinbase and Kraken previously secured licenses in Luxembourg and Ireland, while the European Commission recently opened a consultation assessing whether MiCA's stablecoin rules, including 60% reserve requirements, remain fit for purpose.
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CheckCryptoNewsRipple Secures Preliminary MiCA Approval Ahead of EU Deadline
Ripple secures preliminary MiCA approval in Luxembourg as the company advances EU crypto expansion ahead of July 1 regulatory transition deadline.
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Ripple won his Luxemburgish sesame to conquer the whole of Europe. The double license is envious, but the XRP is still a big pusher. The regulation sometimes has really surprising effects. The article Europe: Ripple takes a key step before an expanded deployment under MiCA appeared first on Cointribune.
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