Ripple Targets European Market After Winning Preliminary MiCA Approval in Luxembourg

Here’s another refined rewrite with a slightly sharper, more compact newsroom tone:

The approval would allow Ripple to deploy its stablecoin payment infrastructure across Europe while expanding its broader crypto services in the region.

Ripple, the blockchain company behind the XRP Ledger, is moving closer to full regulatory approval in the European Union through a licensing process in Luxembourg.

The San Francisco-based firm said Tuesday it has received preliminary approval for a Crypto Asset Service Provider (CASP) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) under the EU’s Markets in Crypto-Assets (MiCA) framework.

Once finalized, the license would enable Ripple to offer stablecoin payment services to European businesses and expand into additional crypto-related offerings, according to the company.

MiCA allows firms licensed in one EU member state to passport services across the bloc, creating a unified regulatory framework for crypto activity in Europe.

While introduced in 2023 as a landmark regulatory regime for digital assets, MiCA is now facing growing scrutiny. The European Commission has launched a review to assess whether the framework remains fully effective.

Critics have raised concerns about its stablecoin rules, including restrictions on interest payments and reserve requirements that mandate issuers hold up to 60% of backing assets in cash at commercial banks.