Ripple has cleared another hurdle in expanding its cryptocurrency services in Europe. Cointelegraph reported on Tuesday that Ripple won preliminary approval for an EMI (Electronic Money Institution) licence from Luxembourg's financial regulator, CSSF. Cointelegraph said the approval is seen as an important step that would allow Ripple to offer regulated cryptocurrency payment services across Europe.
Ripple said the preliminary approval is a key measure to expand digital asset infrastructure in Europe. It said that if it secures full EMI approval, it can offer payment services using stablecoins and other digital assets.
CSSF sent Ripple a "greenlight letter" and set out conditions for final approval.
Britain's Financial Conduct Authority recently granted EMI and cryptocurrency business licences to Ripple Markets UK, Ripple's local unit. Ripple aims to comply with the European Union's Markets in Crypto-Assets regulation, known as MiCA, and is also pursuing a crypto-asset service provider (CASP) licence.
Ripple said the approval brings it to more than 75 global regulatory approvals. It has also won approvals in 43 U.S. states, Singapore, Dubai and the Cayman Islands.
Chi-gyu Hwang
delight@d-today.co.kr