Ripple received preliminary approval from Luxembourg's Commission de Surveillance du Secteur Financier for a Crypto Asset Service Provider license under the European Union's Markets in Crypto-Assets regulation on Tuesday. The CSSF issued what it calls a "Green Light Letter," subject to final conditions, that would allow the company to offer regulated digital asset services across all 30 countries of the European Economic Area.
We have preliminary approval of our CASP license 🎉 Once fully approved, European banks, FIs and fintechs will be able to access our end-to-end cryptoasset and stablecoin payments infrastructure through a single regulated integration. The next wave of institutional digital asset…
— Cassie Craddock (@CraddockCJ) June 23, 2026
Strategic timing ahead of MiCA rollout
The approval arrives days before the July 1 transitional deadline, when EU member states begin fully applying MiCA rules. Under MiCA's passporting framework, authorization in one EU state gives a company regulatory access across the entire EEA without separate national filings.
Ripple already holds an Electronic Money Institution license in Luxembourg, issued in February 2026, which covers cross-border payments and electronic money services across the EEA. The pending CASP license and the existing EMI license together would allow European banks and fintechs to access Ripple's crypto asset and stablecoin payment infrastructure through a single integration. Ripple Payments, its cross-border payment platform, has processed more than $100 billion in volume and operates in more than 60 markets globally.
Cassie Craddock, Ripple's managing director for the UK and Europe, pointed to a broader shift toward on-chain financial infrastructure as context for the license.
"MiCA has helped to unlock a new wave of institutional digital assets adoption, and we are seeing that demand accelerate across the region," Craddock said.
"Financial market infrastructure is moving onchain - from cross-border payments and settlement to collateral management and tokenised assets - and banks and fintechs are actively building the digital asset capabilities they need to remain competitive. With our growing European presence, regulatory track record and institutional-grade infrastructure, we're ready to meet the moment and support that transition at scale."
The CASP license also positions Ripple to expand into broader crypto asset activities in the region beyond its payments business. Ripple's stablecoin RLUSD, alongside the XRP cryptocurrency, underpins its payment and liquidity infrastructure. Ripple described Europe as "already a leading region" for its products, with clients across some of the continent's largest financial institutions.
Matthew Osborne, Ripple's UK and Europe head of policy, addressed Luxembourg's role as the company's European regulatory base.
"We're grateful to the CSSF for its constructive approach throughout the licensing process. Luxembourg has established itself as a leading centre for financial services regulation in Europe, combining deep supervisory expertise with a clear, proportionate framework for digital assets - making it the natural regulatory home for Ripple's European operations," Osborne said.
The company's UK footprint also expanded earlier this year, when the Financial Conduct Authority granted Ripple a license in January 2026. Ripple now holds more than 75 regulatory licenses globally.
MiCA's contested rules and who still needs approval
The preliminary approval lands as MiCA faces questions about its own design. The European Commission opened a consultation last month to assess whether the regulation remains fit for purpose. One of the central criticisms targets MiCA's stablecoin provisions. Issuers face a blanket ban on offering interest to holders and must hold as much as 60% of backing assets in cash deposits at commercial banks, a requirement critics argue restricts competitive stablecoin models.
The path through MiCA has not been uniform across the crypto sector. Binance is still awaiting authorization under the new framework. Reuters indicated that Greek regulators may be preparing to deny the exchange's application.
The "Green Light Letter" is subject to final conditions. Once those are satisfied, the CASP license combined with the existing EMI license would make Ripple fully MiCA-compliant across the EEA.
Gunel Ismayilova
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