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The American company Ripple, which produces the XRP cryptocurrency, has received a license to issue electronic money (EMI) from the Commission for Supervision of the Financial Sector (CSSF) of Luxembourg.
Ripple UK and European Business Development Director Cassie Craddock explained that thanks to the license, the Ripple Payments payment service and other Ripple blockchain-based enterprise solutions will be able to be legally used throughout the European Union.
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“Obtaining an EMI license to operate in the EU is an important achievement, which should strengthen Ripple’s position in the European financial market. This region has always been a priority market for us to provide our regulatory compliant blockchain infrastructure,” Craddock said.
Last month, Ripple received an EMI license to operate in the UK by registering with the local Financial Conduct Authority (FCA). Ripple management reported that the company has received more than 75 licenses from regulators around the world.
Late last year, the US Office of the Comptroller of the Currency (OCC) gave Ripple preliminary approval to create a trust bank. Full authorization must be issued after the review is completed – it should give Ripple the right to hold client assets and process payments, but not the right to issue loans.
