Ripple has secured a preliminary license under MiCA in Luxembourg, allowing it to offer crypto services in Europe. The company already holds an EU money license, and the new CASP license will enable European banks to move both cash and crypto through a single Ripple integration.
The CASP license is significant because it allows Ripple to operate as a crypto asset service provider (CASP) under MiCA's rules. This means that Ripple can handle crypto on behalf of clients, covering holding, exchanging, and moving it. The license works in conjunction with the EMI license, which covers regular money services.
Ripple's managing director notes that banks are scrambling to build tools to keep up with the shift towards blockchain-based finance. The company has already been putting this shift into practice through deals like its recent AI-payments and U.S.-Mexico remittance work.