Ripple said it had received preliminary CASP approval under MiCA from Luxembourg’s CSSF, along with a “green light letter.”
The preliminary approval marks a procedural step toward expanding regulated crypto-asset services across 30 countries in the European Economic Area (EEA).
Some market participants see the preliminary approval as a positive development for Ripple’s European expansion and sentiment toward XRP, though the actual impact will depend on final authorization and the pace of future service launches.
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Ripple said it has received preliminary approval as a crypto-asset service provider under the European Union’s Markets in Crypto-Assets regulation from Luxembourg’s Commission de Surveillance du Secteur Financier.
Crypto news outlet Crypto Briefing reported on July 6 that the company had received a so-called “green light letter” from the CSSF.
The preliminary approval marks a procedural step toward expanding regulated crypto-asset services across 30 countries in the European Economic Area.
A CASP is a virtual-asset business that provides services including trading, custody, transfers and exchange. MiCA is the EU’s unified regulatory framework for crypto assets, aimed at replacing fragmented national standards with a single rulebook across member states.
The approval is not final. Ripple must still meet additional conditions before it can obtain a full MiCA CASP license.
Chief Executive Officer Brad Garlinghouse has expressed confidence that the company can satisfy the remaining requirements, according to Crypto Briefing. The outlet said the approval could strengthen Ripple’s regulatory footing in Europe and boost its competitiveness.
Some market participants see the preliminary approval as a positive development for Ripple’s European expansion and for sentiment toward XRP. Its actual impact will depend on whether the company secures final authorization and how quickly it rolls out services.
Crypto Briefing said progress toward Ripple’s final MiCA approval, expansion of the XRP payments network, spot ETF-related developments, and moves by major financial firms including BlackRock and Grayscale could also shape market expectations.