Ripple said on Monday that Luxembourg has upgraded its preliminary crypto-asset service provider (CASP) authorization under the European Union (EU) Crypto-Asset Markets Regulation (MiCA) to a full license. The approval allows Ripple to provide cryptoasset services throughout the European Economic Area (EEA).
“This CASP authorization means Ripple is entering the post-transition era of MiCA fully compliant and ready to scale,” Cassie Craddock, the company’s managing director for Europe and the UK, said in a statement.
The CASP license announced by Ripple on Monday makes the company one of the few digital asset companies with full authorization under MiCA, which became law three years ago and took effect on July 1. Unlicensed crypto companies must stop operating in the region. Ripple obtained a preliminary license in June.
Crypto exchange Binance is among thousands of other PSAPs that failed to qualify in time. Under the rules, a company licensed in an EU country can “passport” its services throughout the area.
In February, Rippled obtained full approval as an electronic money institution (EMI) from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), a step that allows the company to expand its regulated payment services across the European Union.
