Ripple has received preliminary approval for a Crypto Asset Service Provider (CASP) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF), issued via a “Green Light Letter” and subject to final conditions, according to a Tuesday press release. The move brings Ripple closer to full compliance with the European Union's Markets in Crypto Assets (MiCA) regulation.
CASP License Boosts Ripple Payments
The CASP license will work alongside Ripple’s existing Electronic Money Institution (EMI) license, enabling banks, fintechs and corporates to use Ripple’s cryptoasset and stablecoin payment tools through a single regulated integration. Services cover collection, exchange and payout functions. Ripple Payments has processed over $100 billion in volume across more than 60 markets, providing a tested foundation for broader European expansion.
Cassie Craddock, Ripple’s managing director for the UK and Europe, said, “MiCA has helped to unlock a new wave of institutional digital assets adoption,” adding that “financial market infrastructure is moving onchain” in areas such as cross-border payments, settlement, collateral management and tokenized assets.
Europe Becomes Key Licensing Market
The approval comes as crypto firms adjust to MiCA, which allows passporting rights across the European Economic Area (EEA) after obtaining a license from a national regulator. Luxembourg, with its strong financial sector and CSSF oversight, has become a base for many digital asset firms. A recent ESMA snapshot showed 204 authorized CASPs as of May 22, with Luxembourg listed among institutional markets.
Ripple Expands Regulated Footprint
Full CASP approval, combined with the EMI license, would make Ripple fully MiCA-compliant. In January, Ripple also secured an EMI license and Cryptoasset Registration from the UK’s Financial Conduct Authority. The company now holds more than 75 regulatory licenses globally. This European push aligns with a strategy to build regulated services for banks and businesses seeking digital asset payment tools.
The approval does not directly impact XRP holders’ rights—it pertains to Ripple’s payment infrastructure. Ripple still must meet final conditions before deploying the license across the EEA. Once completed, the authorization will give Ripple a regulated route to offer crypto and stablecoin payment services in Europe under a single framework.