Blockchain finance company ripple It said it is now fully compliant with cryptocurrency regulations in Europe.
Company Announce On Monday (July 6) it obtained a Crypto Asset Service Provider (CASP) license from Luxembourg’s financial regulator.
License follows a Initial approval It was announced last month and brings Ripple in line with the EU’s Markets for Cryptoassets (MiCA) regulation.
“The CASP license means that Ripple is entering the MiCA era after the transition period and is fully compliant and ready to scale.” Cassie CraddockRipple’s managing director in the UK and Europe said in a press release. “The institutions we work with across Europe are looking to build their own digital asset services alongside regulated partners, and Ripple is licensed and ready to meet this demand.”
Ripple added that this approval makes it one of the few digital asset companies with a full license under it Mikain addition to more than 75 regulatory licenses it holds worldwide.
PYMNTS looked at the law’s impact on the digital assets landscape last month, noting that for most of cryptocurrency history, it has been complexity that has served as a barrier to adoption. However, MiCA essentially forces companies to make digital assets understandable to both regulators and ordinary consumers.
“if Mika succeededConsumers and businesses will not necessarily care whether the payment travels via the card network, banking rail, or blockchain. They will care that it is fast, inexpensive, secure and protected. “The long-term consequence may be that blockchain technology itself becomes less visible,” the report said. “This is what Europe is ultimately trying to achieve: not a cryptocurrency economy, but a regulated digital financial system where blockchain is just another piece of infrastructure.”
A more recent report looked at the impact of the law amid implementation, noting that “some of the most well-known names of cryptocurrencies are already… outside In Europe.”
For example, BinanceThe largest cryptocurrency exchange in the world, Failed to get it The company secured approval through Greece ahead of its approval deadline, and has told customers in several European markets that services will be suspended while it seeks a license elsewhere.
“But the real question is no longer which companies survived the license,” PYMNTS added. “It’s what kind of cryptocurrency industry survived the license.” “Across Europe, hundreds of small cryptocurrency companies are now facing decisions that were almost unthinkable several years ago. They must obtain a license, merge with licensed competitors, scale back operations or exit the market altogether.”
