Here’s another clean rewrite with a slightly sharper, more concise news tone:
The approval would enable Ripple to deploy its stablecoin payment infrastructure to European businesses while expanding its broader crypto offerings across the region.
Ripple, the blockchain company behind the XRP Ledger, is advancing toward 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 allow Ripple to offer stablecoin-based payment services to companies across Europe and expand into additional crypto-related functions, according to the company.
MiCA allows firms authorized in one EU member state to passport their services across the entire bloc, creating a unified regulatory structure for crypto businesses.
While the framework was hailed as a landmark regulatory regime when introduced in 2023, it is now facing increased scrutiny. The European Commission recently launched a review to evaluate whether MiCA remains fit for purpose.
Critics have pointed to limitations in its stablecoin rules, including restrictions on interest payments and reserve requirements that oblige issuers to hold up to 60% of backing assets in cash at commercial banks.
