Ripple said on Monday that Luxembourg upgraded its provisional Crypto-Asset Service Provider (CASP) authorization under the European Union’s (EU) Markets in Crypto-Assets (MiCA) rules to a full license. The approval clears Ripple to provide cryptoasset services throughout the European Economic Area (EEA).
“This CASP authorization means that Ripple enters the post-transition MiCA era, fully compliant and ready to scale,” Cassie Craddock, the company’s managing director for Europe and UK, said in a statement.
The CASP license, which Ripple announced on Monday, makes the company one of a small number of digital asset firms to have full authorization under MiCA, which became law three years ago and took full effect on July 1. Unlicensed crypto companies must stop operating in the region. Ripple was granted a provisional license in June.
Crypto exchange Binance is among thousands of other CASPs that failed to qualify in time. According to the rules, a company licensed in an EU country can “patronize” its services across the entire area.
In February, Rippled secured full approval as an electronic money institution (EMI) from Luxembourg’s financial watchdog, the Commission de Surveillance du Secteur Financier (CSSF), a move that lets the company scale regulated payment services across the EU.
