Ripple (XRP) announced a significant step in its expansion strategy within the European Union. The company stated that it has received preliminary approval from the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulatory body, for an Electronic Money Institution (EMI) license.
Ripple stated that this development is a critical milestone in scaling its Ripple Payments product across the EU. With this licensing process, the company aims to expand its institutional-level digital asset infrastructure in Europe.
The company stated that it has obtained more than 75 licenses and registrations to date, processed a total transaction volume exceeding $95 billion, and has access to approximately 90% of the daily global foreign exchange (FX) markets.
The statement also noted that the European Union has taken a leading role in creating a comprehensive regulatory framework for digital assets, and that Ripple supports financial institutions in this process, facilitating their transition from pilot programs to commercial scale. The company stated that it aims to unlock trillions of dollars of idle capital by bridging the gap between traditional and digital finance.
The price of XRP has increased by 1.62% in the last 24 hours.
*This is not investment advice.
