Ripple is on a winning spree! In just four short months, Ripple has achieved a noteworthy milestone by securing a clear license in Singapore. This displays Ripple’s determination to expand its reach beyond the United States, despite facing challenges from the U.S. Securities and Exchange Commission (SEC).
In June, Ripple received in-principle approval, and now its subsidiary, Ripple Markets APAC Pte Ltd, has obtained formal licensing as a significant payments institution from the Monetary Authority of Singapore. This development marks a pivotal moment in Ripple’s operations in the vibrant Asia Pacific region.
Singapore’s approach to cryptocurrency regulation serves as a model for the world. The nation boasts a robust fintech ecosystem and has become a global hub for digital financial innovation. Singapore has mastered the delicate balancing act of nurturing cutting-edge technology, safeguarding user interests, and ensuring sustainable growth in the cryptocurrency sector.
Ripple CEO Brad Garlinghouse also chose to remark on the same.
“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.”
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.
Ripple’s global presence is underscored by the fact that nearly 90% of its business activities occur outside the United States. This highlights the importance of securing licenses and approvals in key international financial hubs.
Another significant development in Ripple’s journey is a federal judge’s ruling against the SEC’s attempt to appeal certain aspects of the case. This ruling sets the stage for a pivotal trial scheduled for April, which will play a decisive role in determining Ripple’s operational status within the United States.
Crypto firms like Coinbase, Binance, and Ripple have continued to object and criticize the U.S. for unclear crypto regulations. The have threatened to go to the Supreme Court, or they may leave the U.S. However, it’s disheartening to note that change is still a distant dream.
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