Ripple has received preliminary approval for an electronic money institution (EMI) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), marking its second major regulatory milestone in one week. Last week, the payments company announced it had secured an EMI license and cryptoasset registration from the UK’s Financial Conduct Authority. These approvals will allow Ripple to issue stablecoins in the jurisdictions.
The Luxembourg license is particularly significant as it will enable Ripple to operate across all 30 countries in the European Economic Area under the EU’s MiCA regulations. Ledger Insights first reported the application. The approval also resolves months of regulatory uncertainty, as concerns about multi-issuance stablecoins threatened to delay applications from companies seeking to issue the same stablecoin across multiple jurisdictions. Ripple issues its RLUSD stablecoin from New York and plans to offer it in Europe.
The new licenses add to Ripple’s portfolio of more than 75 regulatory approvals worldwide. Recent wins include provisional approval of an OCC national trust charter in the United States, where it already holds a state trust charter, and approval from the UAE’s Abu Dhabi Global Market.
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