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Ripple clears MiCA hurdle
Ripple said Luxembourg’s financial regulator granted it a full Crypto Asset Service Provider (CASP) license, giving the blockchain payments company authorization under the European Union’s MiCA crypto framework.
“"This CASP authorisation means Ripple enters the post-transitional MiCA era fully compliant and ready to scale,"”
The approval follows Ripple’s preliminary clearance in June and, together with its existing Electronic Money Institution license, allows Ripple to offer regulated crypto-asset services across the European Economic Area (EEA).
Ripple said the authorization makes it one of a small number of digital asset companies with full authorization under MiCA, and Cassie Craddock said, "This CASP authorisation means Ripple enters the post-transitional MiCA era fully compliant and ready to scale."
The MiCA transition period ended on July 1, when crypto companies were required to obtain authorization or cease offering regulated services in the bloc, and ESMA published an updated register listing 280 licensed crypto-asset service providers.
Benzinga reported Ripple secured full CASP authorization from Luxembourg’s Commission de Surveillance du Secteur Financier, making it compliant to offer crypto services across all 30 European Economic Area countries.
Passporting, enforcement, and gaps
MiCA’s framework allows authorized companies to generally passport regulated crypto services throughout the EEA under a single license, and Ripple’s CASP authorization is described as clearing it to provide cryptoasset services across the European Economic Area.
CoinDesk said crypto firms without a license must stop operating in the region, and it noted that Binance is among thousands of other CASPs that failed to qualify in time.
TradingView reported that Binance withdrew its MiCA application in Greece ahead of the July 1 transition and said it would pursue authorization in another member state while taking steps to comply with the bloc’s new rules.
In Belgium, the Financial Services and Markets Authority began applying the new rules and on Monday identified six crypto-asset service providers it said were operating without authorization, adding them to its list of unauthorized crypto-asset service providers.
Cointelegraph added that ESMA coordinates supervision and maintains the bloc’s register of authorized crypto companies, while day-to-day enforcement is carried out by national regulators, meaning implementation is likely to vary across member states.
What changes for markets
Ripple’s MiCA CASP authorization is positioned as an expansion of its end-to-end regulated crypto payments product to financial institutions, corporates, and businesses throughout the EEA, complementing its EU Electronic Money Institution license.
“XRP Falls 3% Despite The Regulatory Win”
TradingView said Ripple’s approval follows the end of the European Union’s MiCA transition period on July 1 and that the bloc has now entered MiCA’s enforcement phase, with unauthorized crypto companies expected to wind down operations or face penalties.
Benzinga reported that XRP was trading near the upper trendline of a descending channel and that XRP fell 3% despite the regulatory win, while it framed the MiCA authorization as unlocking passporting rights across the entire EEA.
The Block said the authorization from Luxembourg’s Commission de Surveillance du Secteur Financier follows Ripple’s preliminary approval in June and confirms the company is fully MiCA-compliant, with its end-to-end regulated crypto payments product now available to financial institutions, corporates, and businesses throughout the EEA.
TradingView also reported that ESMA’s register update rose from 243 a week earlier after 37 companies, including Standard Chartered, FalconX and Sygnum Europe, were added, underscoring how the authorized set changed as the deadline passed.
