Ripple Secures Preliminary Casp Licence in Luxembourg, Eyes EU Market Access

Ripple has secured preliminary approval for a Crypto-Asset Service Provider (Casp) licence from Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF).

The approval was issued in the form of a 'Green Light Letter' and remains subject to final conditions before the licence can be formally granted.

Once fully approved, the authorisation will allow Ripple to offer regulated crypto-asset services across all 30 countries of the European Economic Area under the EU's Markets in Crypto-Assets (Mica) regulation.

The Casp licence covers a defined set of crypto-asset services, including custody, exchange for fiat or other crypto-assets, transfer services on behalf of clients, and execution of orders.

Ripple has already been granted an Electronic Money Institution (EMI) licence by the CSSF in February, which covers e-money issuance and certain payment services.

Cassie Craddock, managing director for the UK and Europe at Ripple, said that Mica 'has helped to unlock a new wave of institutional digital assets adoption'.