Ripple says it has secured an electronic money institution license in Luxembourg.
The cryptocurrency company announced the approval Wednesday (Jan. 14), calling it a “significant step” in its effort to expand its cross-border payment system — dubbed Ripple Payments — in the European Union (EU).
“The EU was amongst the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty financial institutions need to move blockchain from pilots to commercial scale,” Monica Long, Ripple’s president, said in a news release.
“By extending Ripple’s licensing portfolio and evolving our payments solution, we are doing more than just moving money. We are managing the end-to-end flow of value to unlock trillions in dormant capital and moving legacy finance into a digital future.”
The green light from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) comes days after Ripple was granted permission to scale Ripple Payments in the U.K., having received approvals for its Ripple’s electronic money institution license and crypto asset registration from the U.K.’s Financial Conduct Authority.
