The post Ripple Receives Official License for Digital Payment Tokens Service in Singapore appeared first on Coinpedia Fintech News
Ripple is on a winning spree. Scoring a clear licensing in Singapore within four months is commendable. Ripple’s interest outside the US is clear that they won’t allow the SEC to suppress this growing industry. Ripple got the in-principle approval in June, and its subsidiary, Ripple Markets APAC Pte Ltd, has now received formal licensing as a significant payments institution from the Monetary Authority of Singapore. This marks a crucial step forward for Ripple’s operations in the dynamic Asia Pacific region.
We have seen how effectively and collaboratively Singapore is dealing with crypto. One of the robust fintech ecosystems is a global hub for digital innovation in finance. It strikes a commendable balance between fostering innovative technology, protecting user interest, and ensuring sustainable growth.
“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” CEO Brad Garlinghouse said.”
Looking at Ripple’s business activities, approximately 90% occur outside the United States. This underlines the global nature of Ripple’s operations and the importance of securing licenses and approvals in key international financial centers.
The second most exciting thing with Ripple was that a federal judge ruled against the SEC’s attempt to appeal certain aspects of the case. This development sets the stage for a crucial trial in April, which will play a decisive role in determining Ripple’s operational status within the U.S.
Others Chips In To Revolt SEC’s Crypto-Killing Attitude in The US
Ripple’s newly acquired license in Singapore enables the company to offer digital payment token services. This license aligns Ripple with 14 other entities that have received a similar authorization from the Monetary Authority of Singapore (MAS). Notable among these are the local branches of prominent cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com. Singapore’s commitment to fostering fintech and digital asset growth has attracted these industry leaders to its shores.
Crypto firms like Coinbase and Ripple have objected to the U.S. for unclear crypto regulations and threatened to go to the Supreme Court, or they may leave the U.S. Joining the wagon, Coinbase got its license in Singapore after in-principle-approval a year ago.
With licenses in strategic jurisdictions like Singapore and continued legal progress in the U.S., Ripple is positioning itself for further growth and influence in digital payments.