Ripple said it has received full authorization under the European Union’s MiCA crypto framework after Luxembourg’s financial regulator granted the company a Crypto Asset Service Provider (CASP) license.
The authorization follows Ripple’s preliminary approval in June and, together with the company’s existing Electronic Money Institution license, allows the blockchain payments company to offer regulated crypto-asset services across the European Economic Area (EEA).
Ripple said the approval makes it one of a small number of digital asset companies with full authorization under MiCA. The company now holds more than 75 regulatory licenses worldwide, including authorization from the United Kingdom’s Financial Conduct Authority secured in January.
“This CASP authorisation means Ripple enters the post-transitional MiCA era fully compliant and ready to scale,” said Cassie Craddock, Ripple’s managing director for the United Kingdom and Europe.
Source: Cassie Craddock
Related: Binance outflows triple to $1.2B as ETH withdrawals hit 3-year high
Europe begins enforcing MiCA crypto rules
Ripple’s approval follows the end of the European Union’s MiCA transition period on July 1, when crypto companies were required to obtain authorization or cease offering regulated services in the bloc. The framework allows authorized companies to generally passport regulated crypto services throughout the EEA under a single license.
On Friday, the European Securities and Markets Authority (ESMA) published an updated register listing 280 licensed crypto-asset service providers. The total rose from 243 a week earlier after 37 companies, including Standard Chartered, FalconX and Sygnum Europe, were added.
Not every company secured MiCA authorization before the deadline. Binance, the world’s largest cryptocurrency exchange by trading volume, withdrew its MiCA application in Greece ahead of the July 1 transition and said it would pursue authorization in another member state while taking steps to comply with the bloc’s new rules.
The bloc has now entered MiCA’s enforcement phase, with unauthorized crypto companies expected to wind down operations or face penalties. While ESMA coordinates supervision and maintains the bloc’s register of authorized crypto companies, day-to-day enforcement is carried out by national regulators, meaning implementation is likely to vary across member states.
Belgium’s Financial Services and Markets Authority has already begun applying the new rules. On Monday, the regulator identified six crypto-asset service providers it said were operating without authorization and added them to its list of unauthorized crypto-asset service providers.
Belgium’s FSMA warns against unauthorized crypto providers. Source: FSMA
Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express
