Ripple has received preliminary approval for an Electronic Money Institution (EMI) licence in Luxembourg.

The US crypto FinTech said the move marks a significant step in its efforts to scale its cross-border payments infrastructure across Europe.

Ripple's end-to-end cross-border payment platform manages the flow of funds on behalf of its customers, connecting them to its global payment partners to offer fast payment capabilities around the world.

The news comes after the company secured approval for an EMI licence and Cryptoasset Registration from the Financial Conduct Authority (FCA) earlier this week.

The FCA authorisation enables Ripple to expand its licensed payments platform Ripple Payments in the UK, allowing British institutions to send cross-border payments using digital assets.

The new EU and UK licences build on Ripple's existing portfolio of more than 75 regulatory licences around the world.

The business claims that few other digital assets companies "come close" to this level of regulatory oversight.

“The EU was amongst the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty financial institutions need to move blockchain from pilots to commercial scale,” said Monica Long, president at Ripple. “By extending Ripple’s licensing portfolio and evolving our payments solution, we are doing more than just moving money.

"We are managing the end-to-end flow of value to unlock trillions in dormant capital and moving legacy finance into a digital future.“

The UK represents a key market for Ripple’s global strategy, with London hosting its biggest office outside of the US since 2016.

The firm has also been investing in the country, making significant contributions to UK-based blockchain developers and start-ups, as well as over £5 million committed to UK universities through its flagship University Blockchain Research Initiative (UBRI) programme.

As well as London, Ripple has European officers in Dublin, Luxembourg, Geneva, and Reykjavik.

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