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The approval would pave the way for Ripple to offer its stablecoin payment infrastructure to European businesses while expanding its broader crypto services across the region.
Ripple, the blockchain company behind the XRP Ledger, is moving closer to full regulatory authorization in the European Union through a licensing process in Luxembourg.
The San Francisco-based firm said Tuesday it has received preliminary approval for a Crypto Asset Service Provider (CASP) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) under the EU’s Markets in Crypto-Assets (MiCA) framework.
Once finalized, the license would allow Ripple to provide stablecoin-based payment services to companies across Europe and broaden its suite of crypto offerings, according to the announcement.
MiCA enables firms approved in one EU member state to passport their services throughout the bloc, creating a unified regulatory pathway for crypto businesses.
The framework, introduced in 2023 as one of the most comprehensive crypto regulatory regimes globally, is now facing increased scrutiny. The European Commission recently opened a review to assess whether MiCA remains fit for purpose.
Critics have raised concerns about its stablecoin rules, including bans on interest payments and reserve requirements that force issuers to hold up to 60% of backing assets in cash at commercial banks.
