Ripple has announced that it has received the preliminary approval of its Electronic Money Institution (EMI) license from Luxembourg's CSSF.
Following this announcement, this licence represents an important step in Ripple's strategy to scale its cross-border payments infrastructure across the region of Europe, as well as to support institutions as they move from legacy technology to secure, real-time, and 24/7 payments.
Through the process of extending its licensing portfolio and developing its payments solution, the company will focus on managing the end-to-end flow of value in order to unlock dormant capital and move legacy finance into a digital future.
Providing essential blockchain infrastructure to clients and customers across the EU
The announcement follows Ripple’s EMI licence and Cryptoasset Registration by the UK’s Financial Conduct Authority (FCA). The approvals granted Ripple both an Electronic Money Institution licence and registration as a cryptoasset business from the Financial Conduct Authority, aiming to enable the firm to offer regulated payment services and digital asset-related activities to UK-based institutions. As a result, Ripple will be given the possibility to extend its licenced payments platform in the market, enabling cross-border transactions that incorporate digital assets.
These new licences from the EU and UK are expected to add to Ripple's portfolio of more than 75 regulatory licences around the world, as well as to enable the company to focus on supporting institutional clients with their digital assets needs.
Ripple Payments represents a licensed, end-to-end cross-border payment solution that was developed in order to enable the company to manage the flow of funds on behalf of its customers. This aims to unlock secure and efficient connections to its global payout partners, delivering fast, transparent, and reliable payout capabilities across the globe. At the same time, Ripple will handle the underlying blockchain and operational complexity so businesses will be enabled to launch digital payment services quickly, without taking on the cost or burden of infrastructure management.
The preliminary approval, which was issued in the form of a ‘Green Light Letter’ from the CSSF, marks an important step in the process of Ripple receiving its full EMI authorisation, subject to relevant conditions. Furthermore, it also underscores the company’s commitment to Europe, which has long been a key region for Ripple.
