Ripple gains EU access, ESMA adds it to MiCA registry

Ripple Payments Europe has joined ESMA's latest MiCA registration list, increasing the number of approved crypto asset service providers to 294

Ripple Payments Europe has been included in the latest updated MiCA registration list of the European Securities and Markets Authority (ESMA) along with 14 other companies, bringing the total number of approved crypto asset service providers to 294.

Summary

ESMA has added Ripple Payments Europe and 14 other companies to its MiCA registration list. Ripple now offers regulated encryption services in 29 EU countries. The Anti-Money Laundering Administration (AMLA) warned that customer relocation after MiCA's implementation could put pressure on the compliance system.

ESMA registration list updated, Ripple is allowed to operate in 29 EU countries

ESMA's updated registration list lists Ripple Payments Europe SA as an authorized crypto asset service provider, meaning the company's European payments arm can provide regulated crypto services in 29 EU countries. The authorization is based on Ripple's previous approval in Luxembourg under the Crypto Asset Markets Regulation (MiCA) framework. According to Ripple, the Luxembourg license allows its European subsidiaries to provide services to financial institutions and businesses throughout the European Economic Area.

Combined with its existing e-money institution license in Luxembourg, this crypto asset service provider (CASP) approval allows Ripple to provide cryptoasset and stablecoin payment services. Ripple said banks, fintech companies and corporate customers can achieve fund collection, asset conversion and payment operations in one integration.

Ripple was allowed to enter the bureau, and banks entered the MiCA market one after another.

In addition to Ripple, ESMA also included Bison Bank, headquartered in Portugal, Hrvatska poštanska banka, a Croatian state-owned bank, and Kaiser Partner Privatbank in Liechtenstein. The addition of these agencies suggests that regulated banks are also seeking licenses to provide digital asset services under MiCA. According to original reports, payment processor BitPay has obtained MiCA authorization separately from the Dutch financial regulator. The license allows BitPay to provide crypto and stablecoin payment services in eligible EU markets through MiCA's prevailing system.

With the addition of the latest batch of institutions, ESMA currently lists a total of 294 authorized CASPs. The report pointed out that license approval activity has slowed down since MiCA's 18-month transition period ended on July 1, but the registration list continues to add crypto companies, payment institutions and traditional financial institutions.

MiCA requires that companies providing relevant encryption services within the EU must obtain authorization from regulatory authorities in the country where they are located. Once licensed, service providers can use the framework's prevailing rules to do business in other participating European markets without having to apply for approval separately in each country.

According to Ripple's previous announcement, the company has also obtained regulatory approval from the UK Financial Conduct Authority. Its European authority applies to Ripple's payment services and infrastructure, including products that may use XRP, XRP ledgers or RLUSD stablecoins, depending on service and customer needs.

July deadline intensifies pressure on outbound crypto companies

Ripple's approval comes as European regulators are closely monitoring customer capital flows after MiCA's transition period ends. Crypto companies that fail to obtain authorization before the stipulated deadline must stop providing regulated services in the EU market unless otherwise arranged by the relevant countries. In a briefing to the European Parliament's Economic and Monetary Affairs Committee, AMLA Chairman Bruna Szego warned that departing companies could face a surge in withdrawal requests as customers move assets before services are closed. Szego pointed out that licensed virtual asset service providers that receive these customers may have difficulty maintaining effective anti-money laundering checks while opening a large number of new accounts. She called on departing companies to be prepared for increased customer activity and urged authorized service providers to maintain compliance standards during the customer admission process.

AMLA's warning puts Ripple's registration at a more challenging stage of MiCA implementation. Although ESMA's registration list shows that authorized providers can now serve customers in participating markets, Szego's comments suggest regulators expect these institutions to not weaken identity verification, transaction monitoring or other anti-money laundering controls when undertaking new business.