Ripple announced on Monday it has obtained a full Electronic Money Institution license from Luxembourg’s financial watchdog, converting its preliminary approval into a final authorization.
The license empowers the fintech firm to scale its cross-border payment and digital asset services throughout the European Union’s single market, according to a company release.
Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) granted the license, which serves as a regulated gateway for Ripple to offer its blockchain-powered financial services to enterprises across Europe.
“Europe has always been a strategic priority for us, and this authorization allows us to scale our mission of providing robust, compliant blockchain infrastructure to clients across the EU,” stated Cassie Craddock, Managing Director, UK & Europe at Ripple. “We are now better positioned than ever to help European businesses transition into a more efficient, digital-first financial era.”
