Key Takeaways
- Ripple said it has secured preliminary approval for an Electronic Money Institution license from Luxembourg’s financial regulator.
- The milestone follows a recent UK regulatory clearance.
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Ripple has gained preliminary approval for an Electronic Money Institution (EMI) license in Luxembourg, according to an announcement made on Wednesday.
Luxembourg has positioned itself as the premier hub for Markets in Crypto Assets (MiCA) compliance, attracting other major players like Coinbase.
Ripple President Monica Long says the EU’s early adoption of a comprehensive digital asset regulation has given financial institutions the clarity needed to move blockchain technology from pilot projects to commercial deployment.
“By extending Ripple’s licensing portfolio and evolving our payment solution, we are doing more than just moving money. We are managing the end-to-end flow of value to unlock trillions in dormant capital and moving legacy finance into a digital future,” Long stated.
The milestone is part of Ripple’s efforts to expand its Ripple Payments across the EU, facilitating real-time, 24/7 cross-border payment solutions.
The development comes shortly after the company obtained EMI and crypto asset registration from the UK’s Financial Conduct Authority, expanding its regulatory footprint in key European markets.
