On Wednesday, crypto financial services firm Ripple said it received preliminary approval for an Electronic Money Institution (EMI) license from Luxembourg’s financial regulator, the CSSF. The move advances its path toward full EMI authorization and aims to expand cross-border payments across Europe.
The announcement follows a recent EMI nod from the UK’s FCA, extending the company’s regulatory reach in days. Combined with the UK license, Ripple now holds over 75 regulatory licenses worldwide and says its Ripple Payments platform covers more than 90% of daily foreign-exchange markets, processing about $95 billion in volume to date.
“The EU was amongst the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty financial institutions need to move blockchain from pilots to commercial scale.” said Monica Long, president of Ripple.
“Gaining our preliminary approval is a pivotal step, enabling Ripple to provide essential blockchain infrastructure to clients across the EU.” said Cassie Craddock, Ripple‘s UK and Europe managing director.
The regulator issued the decision as a “Green Light Letter,” a formal step toward full authorization. XRP, the token that powers Ripple‘s payments network, traded near $2.17, rising more than 3% on the day alongside other major cryptocurrencies.
