Ripple said on Monday it had received full approval for an electronic money institution (EMI) license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), a step that would allow the company to expand its regulated payment services across the European Union.
Ripple announced “preliminary” approval last month and has since fulfilled all the conditions required by the CSSF, which has now granted final authorization.
“Europe has always been a strategic priority for us, and this authorization allows us to expand our mission of providing robust, compliant blockchain infrastructure to customers across the EU,” said Cassie Craddock, Managing Director of UK and Europe at Ripple.
“We are now better placed than ever to help European businesses transition to a more efficient and digitally driven financial era,” he added.
This decision builds on Ripple’s recent regulatory initiatives in Europe. The company said it received an EMI license and cryptoasset registration from the UK’s Financial Conduct Authority (FCA) last month, adding to a growing set of authorizations for operating crypto-related payments and services in key jurisdictions.
Ripple presented the Luxembourg license as leverage to accelerate “Ripple payments” in the EU – its cross-border payments product aimed at banks, fintechs and corporate clients.
Luxembourg is commonly used as a base for regulated financial services across the EU, although Ripple has not said how quickly it plans to roll out its services or which member states will be first to come online.
Ripple also said its global license count has grown to more than 75, positioning it as one of the most licensed crypto companies as the industry moves toward regulated, institution-oriented use cases.
