Ripple said on Monday that Luxembourg has upgraded its preliminary Crypto Asset Service Provider (CASP) authorization under the European Union (EU) Markets in Crypto Assets (MiCA) regulations to a full license. The approval authorizes Ripple to provide cryptoasset services throughout the European Economic Area (EEA).
“This CASP authorization means Ripple enters the post-transitional MiCA era fully compliant and ready to scale,” Cassie Craddock, the company’s managing director for Europe and the UK, said in a statement.
The CASP license that Ripple announced on Monday makes the company one of the few digital asset companies to be fully authorized under MiCA, which was signed into law three years ago and went into effect on July 1. Unlicensed crypto companies must stop operating in the region. Ripple received a preliminary license in June.
Crypto exchange Binance is among thousands of other CASPs that did not qualify in time. Under the rules, a company licensed in one EU country can “passport” its services to the entire area.
In February, Rippled gained full approval as an electronic money institution (EMI) from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), a step that allows the company to scale regulated payment services across the European Union.
