Ripple wins its second European regulatory approval in a week
Key receivers
Ripple said it has received initial approval for an electronic money institution license from Luxembourg's financial regulator. The arrangement will soon follow UK regulatory approval.
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Ripple has received the first approval for an Electronic Money Institution (EMI) license in Luxembourg, according to an announcement made on Wednesday.
Luxembourg has positioned itself as a major hub for markets in Crypto Assets (MiCA) compliance, attracting other major players such as Coinbase.
According to Ripple President Monica Long, the EU's earlier comprehensive digital asset regulation has provided financial institutions with the clarity they need to move blockchain technology from pilot projects to commercial deployment.
“By extending Ripple's license portfolio and improving our payment solutions, we are doing more than just moving money. We're harnessing the end-to-end flow of value to unlock trillions in dormant capital and move legacy finance into the digital future,” Long said.
The milestone is part of Ripple's efforts to expand Ripple Payments across Europe, facilitating real-time, 24/7 cross-border payment solutions.
The development comes shortly after the company gained EMI and crypto asset registration from the UK's Financial Conduct Authority, expanding its regulatory footprint in key European markets.
