Ripple announced on June 23 that it received provisional approval from Luxembourg's financial regulator, the CSSF, for a Crypto Asset Service Provider (CASP) license under the European Union's Markets in Crypto-Assets (MiCA) regulation. The approval, granted in the form of a 'green light letter,' is subject to final conditions being met. Once finalized, the license will allow Ripple to offer regulated crypto services across all 30 countries of the European Economic Area (EEA) through a single regulatory passport.
MiCA license and European expansion
The provisional approval comes just days before the July 1 transition deadline, when EU member states begin full enforcement of MiCA rules. Ripple already holds an Electronic Money Institution (EMI) license, and combining it with the new CASP license will let European banks and fintechs access deposit, exchange, and payment infrastructure through a single system integration for the first time. After final approval, all services will be fully MiCA-compliant.
Industry race for compliance
Ripple's move places it ahead of several major exchanges still awaiting approval. Binance, for example, remains in the queue as companies scramble to secure licenses before the deadline. Cassie Craddock, Ripple's Managing Director for UK and Europe, said MiCA is driving a new wave of institutional and financial adoption of crypto assets, with demand accelerating across the region. The license is expected to strengthen Ripple's position in Europe's regulated crypto market.