XRP dips to $1.10 as Ripple secures preliminary MiCA approval

Key takeaways

• Luxembourg’s financial regulator has granted Ripple preliminary approval for a Crypto Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
• XRP is down by nearly 4% in the last 24 hours and now trades at $1.10 per coin. 

Luxembourg regulator grants Ripple CASP green light

Luxembourg’s financial regulator has granted Ripple preliminary approval for a Crypto Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets Regulation (MiCA), the company confirmed on Tuesday.

Once fully approved, the license will enable Ripple to provide regulated crypto services to banks, fintech firms, and other businesses across all 30 countries in the European Economic Area (EEA) through a single regulatory passport system.

The CASP approval expands Ripple’s existing regulatory footprint in Europe. The company already holds an Electronic Money Institution (EMI) license in Luxembourg, which allows it to offer cross-border payment and electronic money services throughout the EEA.

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