Ripple said on Monday it had received full approval for an electronic money institution (EMI) license from Luxembourg’s financial watchdog, the Commission de Surveillance du Secteur Financier (CSSF), a move that would let the company scale regulated payment services across the EU.
Ripple announced “provisional” approval last month and has since met all conditions required by the CSSF, which has now granted final approval.
“Europe has always been a strategic priority for us and this authorization allows us to scale our mission to deliver robust, compliant blockchain infrastructure to customers across the EU,” said Cassie Craddock, Managing Director, UK & Europe at Ripple.
“We are now better positioned than ever to help European businesses transition into a more efficient, digital-first finance era,” he added.
The move builds on Ripple’s recent regulatory push in Europe. The company said it received an EMI license and cryptoasset registration from the UK’s Financial Conduct Authority (FCA) last month, adding to a growing set of permits to operate payments and crypto-related services in key jurisdictions.
Ripple framed the Luxembourg license as a lever to accelerate “Ripple Payments” across the EU – its cross-border payments product aimed at banks, fintechs and corporate customers.
Luxembourg is commonly used as a base for regulated financial services across the EU, although Ripple did not detail how quickly it expects to roll out services or which member states are first in line.
Ripple also said its global license count has grown to more than 75, placing it as one of the more heavily licensed companies in crypto as the industry shifts toward regulated, institutional-facing use cases.
