Ripple completes the process of obtaining a dual EMI-CASP license under MiCA in Luxembourg

The Luxembourg Financial Sector Supervisory Commission has granted them a full Crypto Asset Service Provider (CASP) license, completing a dual licensing scheme.

7/8/20263 min read

The phased European licensing roadmap.

Ripple built its dual licensing system in Luxembourg through a series of carefully considered phases throughout 2025 and 2026: a preliminary EMI license in January 2026, a full EMI license in February, preliminary CASP approval in the form of a "Green Light Letter" on June 23, and a full CASP license confirmed on July 6.

The phased approach reflects a compliance-first strategy, in which Ripple prioritizes building a legal foundation before commercial expansion, an approach similar to the multi-tiered licensing that Coinbase has pursued in the UK on EMI licenses, cryptocurrency asset registrations, and MiFID investment services. Completing the entire licensing system before the July 1 transition deadline has placed Ripple in the small group of licensed infrastructure providers ready to operate in the post-MiCA era, while the majority of competitors are still pending or have lost their rights to operate within the blockchain.

Proposing a unique dual-integrated value proposition.

The strategic value of combining EMI and CASP licenses lies in Ripple's ability to provide a unified platform encompassing four different types under a single legal framework.

Traditional currencies, licensed under an EMI license, allow Ripple to process, store, and transfer euros and other traditional currencies. The issuance and management of cryptocurrencies under a banking regulatory framework also falls under this license. Cryptocurrency asset services, licensed under a CASP license, provide the ability to hold, exchange, transfer, and manage digital assets, including XRP. The integration of stablecoins through RLUSD completes the payment process, although registration of a separate cryptocurrency token for RLUSD is still pending approval.

Ripple describes this framework as enabling a single platform for traditional currencies, cryptocurrencies, crypto assets, and stablecoins, all under a single legal framework. This marks the first time European customers have access to the company's entire infrastructure through a single technical integration and a single legal relationship.

83% of previously registered companies withdrew.

When the MiCA transition period ended on July 1st, the regulation completed a market restructuring process, cutting the number of cryptocurrency companies permitted to operate in the EU from around 1,200 previously registered entities to just 283 fully licensed entities—an 83% drop not only due to regulatory violations but also to the emergence of a small group of well-regulated, well-capitalized infrastructure providers that will shape access to European institutional clients for years to come.

Binance applied for a MiCA license in Greece in January 2026 but withdrew it in June amid reports that regulators were inclined to reject it, with concerns reportedly centered on assessing the legal standing of majority owner Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws in 2023. Without permission from any EU member state, Binance cannot legally operate within the bloc after July 1st and has suspended services in France, Italy, Spain, Poland, and other EU countries.

Tether chose not to pursue the MiCA license, citing the regulation's requirement that 60% of reserves must be held in EU commercial bank deposits as incompatible with its business model, and was subsequently delisted from major EU regulated exchanges between 2024 and 2025. In this context, Ripple's possession of a full dual license is not merely a compliance milestone, but a structural competitive advantage in a market where most competitors have already been eliminated.

Assessment and Conclusion

Ripple's CASP licensing, along with 282 other companies receiving full MiCA licenses, shapes the cryptocurrency market for institutions in Europe in the post-July 1, 2026 era. Instead of having to scrutinize each provider under a separate national regulatory regime, institutional buyers can now filter CASP-licensed companies by the specific service categories they require. Therefore, this licensing is not simply about meeting compliance requirements, but also positions Ripple as one of the few regulated institutional partners ready for innovation in payments in Europe in the next cycle.

For European banks and fintech companies evaluating cryptocurrency payment infrastructure, Ripple's dual licensing system offers significant compliance simplification. Instead of having to assemble separate regulated providers for fiat payments, cryptocurrency asset services, and stablecoin payments, a single relationship with Ripple can address the entire payment process through a technical integration and a single regulatory partner. In a market where the licensing race dictates who survives, this structural advantage is difficult to replicate in the short term.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrencies. This is not financial or investment advice at all. Every investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The opinion in the article does not represent the official position of the platform. We recommend that readers do their own research and consult experts before making any investment decisions.

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