Payment solution company Ripple has confirmed its intention to pursue a Markets in Crypto Assets (MiCA) license to expand into the EU.In messages sent to Cointelegraph, a Ripple spokesperson said the company intends to become MiCA-compliant as it recognizes significant opportunity in the European market.The statement follows Ripples registration of Ripple Payments Europe S.A.
in Luxembourg in late April.On Tuesday, industry media outlet Ledger Insights reported that the company had applied for an electronic money institution license in Luxembourg.
Ripple refused to confirm or deny the report, saying only that the firm does not have any updates to provide currently.Ripples Luxembourg-based company data.
Source: LEI LuxembourgRelated: Ripples RLUSD launches on Transak as market cap hits $500MLuxembourg is emerging as a hub for crypto firms seeking MiCA compliance.
In late June, major US-based publicly traded crypto exchange Coinbase secured its MiCA license from the Luxembourg Commission de Surveillance du Secteur Financier and named the region as its EU headquarters.In mid-May, crypto exchange Bitstamp also announced that it obtained a crypto asset service provider license under MiCA from Luxembourg regulators.
A similar license is held by Clearstream Banking, an institution involved in the European Central Banks digital euro trials.Related: Ripple applies for US banking license, joining crypto rush for legitimacyAnother example is Standard Chartered, one of the worlds largest banks, which launched its cryptocurrency services in Europe after obtaining a digital asset license in Luxembourg in early January.
Still, Luxembourg authorities do not appear to view the crypto sector in a particularly lenient way.
In late May, Luxembourg classified virtual asset service providers as high-risk entities for money laundering in a national review, highlighting concerns over the crypto industrys exposure to financial crime.Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set