Stuart Alderoty, chief legal officer at blockchain firm Ripple, says that the company is "excited" about its future in the European Union (EU).

This comes after Alderoty and other Ripple representatives recently held a meeting with Gilles Roth, Luxembourg's finance minister, on securing a license that would allow them to operate in the country.

"We discussed their ambitions in Europe and Luxembourg, and I reaffirmed our commitment to digital innovation," Roth said in a social media statement.

Luxembourg embracing crypto

Luxembourg, a tiny and exorbitantly rich European country, made plenty of noise within the crypto space earlier today after it was reported that its sovereign wealth fund had decided to invest 1% of its funds into crypto.

While the sum of the investment is insignificant, this has substantial implications for how Bitcoin is viewed as an asset class. Luxembourg has become the first country to invest in Bitcoin.

Ripple's moves in the EU

Alderoty claims that the EU has led the way in creating "comprehensive" rules for digital assets, referring to the MiCA framework that became applicable back in December.

In July, it was reported that Ripple wanted to register as an e-money institution via Luxembourg. The license would make it possible for the company to operate across the entire European Economic Area (EEA).

Earlier this year, it also incorporated a separate entity in the tiny EU country.

BBVA, one of Spain's largest banks, recently adopted the company's custody solution.

In May, Schuman Financial's also MiCA-compliant euro stablecoin went live on the XRP Ledger.