Ripple, which issues the virtual currency XRP, is applying for an electronic money institution (EMI) license in the European Union (EU). If this approval is granted, the company will be permitted to issue and manage electronic money.
Jack MacDonald, Ripple’s senior vice president of stablecoins, revealed the initiative in a speech at the WebX 2025 event in Asia. approval This will allow Ripple, which is also the issuer of the Ripple USD stablecoin (RLUSD), to store customer funds and provide regulated financial services.s, in accordance with the EU MiCA Framework for Digital Assets.
This license, granted by the EU financial authorities under the Electronic Money Directive 2 (EMD2), defines electronic money as an electronically stored monetary value issued upon receipt of funds for a payment transaction.
Qualified EMI converts physical cash into electronic money and customers store electronic money in their digital wallets for secure payments. There are variations, including licenses for small electronic money institutions, tailored to specific European jurisdictions.
Ripple has incorporated Ripple Payments Europe SA in Luxembourg, already has a valid legal entity identifier, and is accelerating its application to the Financial Sector Supervisory Board (CSSF). If approved, This license applies to 30 countries in the European Economic Area.facilitating cross-border operations without additional approval.
“We operate through the front doors of all regulatory agencies, in a regulated manner, and in full compliance,” McDonald said.
This development adds to Ripple’s plans to establish a Ripple National Trust Bank in the United States. A limited trust entity that manages stablecoin reservesCriptoNoticias reports that it will store digital assets and process payments.
(Tag translation) Altcoin
