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Ripple has announced that it has received preliminary approval to register an “electronic money institution” license from the Luxembourg Financial Sector Supervisory Authority (CSSF).
When the license is finalized, it will allow the company to issue digital currency, so-called electronic money (e-money), and provide digital payment services within the scope of a regulated entity (CSSF).
Under the license, Ripple will be able to offer a wider range of services such as digital wallets, prepaid cards, payment processing, remittances, payment services related to local and cross-border operations, and other digital payment solutions.
The development is part of a series of expansion steps for the company in Europe.
Ripple said it recently received registration from the UK’s Financial Conduct Authority (FCA) confirming its compliance with anti-money laundering requirements, reinforcing the interpretation that the company is significantly strengthening its presence in the European market.
In its statement, Ripple linked this move to the EU’s advanced regulatory trend for digital assets, considering that the European regulatory framework helps institutions move from limited experiments to large-scale commercial operations.
It also said it seeks to bridge the gap between traditional financing and digital solutions, thereby opening the way to unlocking large swaths of long-untapped liquidity.
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