Ripple has received a Green Light Letter from Luxembourg regulators, expanding its payment infrastructure which has processed over $95 billion across 90% of the global foreign exchange market.
Fintech company Ripple has just achieved a significant milestone in its European expansion strategy by receiving preliminary approval for a Cryptocurrency Institution license from the Luxembourg Financial Supervisory Commission. This decision allows Ripple to accelerate the deployment of its Ripple Payments infrastructure across the European Union, marking a crucial step in complying with the region's stringent regulatory framework.
The Green Light Letter that Ripple received is not just a typical administrative document. It is official confirmation that the company has fully met European regulatory standards, laying a solid foundation for a full EMI license in the future. With this new status, Ripple is permitted to provide payment flow management services to financial institutions transitioning from legacy technology systems to real-time, 24/7 clearing mechanisms.
Expanding cross-border payment networks
Ripple Payments has now established a strong presence in the global market, covering over 90% of the foreign exchange market with a total transaction value exceeding $95 billion. The platform provides cross-border payment solutions with superior speed, transparency, and reliability, while minimizing the technological and operational complexity of blockchain-based systems for customers.
Luxembourg, with its progressive regulatory approach under the CSSF, is establishing itself as a leading European hub for financial innovation. Ripple currently has a wide network of offices across the region in London, Dublin, Luxembourg, Geneva, and Reykjavik, serving numerous major financial institutions. Achieving preliminary EMI approval is expected to further solidify these positions and expand access to state-of-the-art blockchain infrastructure for EU businesses.
The success in Luxembourg marks Ripple's second approval in just one week, following its receipt of an EMI license from the UK Financial Conduct Authority. These two approvals bring Ripple's total portfolio to over 75 licenses and registrations globally, solidifying its position as one of the most tightly regulated companies in the cryptocurrency industry.
