Ripple Expands Services in Singapore and Secures Legal Victory in the US
Payment company Ripple has achieved two significant milestones, with one in the United States and another in Asia. In Singapore, Ripple has received authorization from the Monetary Authority of Singapore (MAS) to provide full payment services through a Major Payments Institution (MPI) license. This allows Ripple to offer crypto payment solutions to financial institutions in Singapore, which is known for its pioneering asset regulation.
Ripple CEO Brad Garlinghouse emphasized the importance of Singapore as the company’s Asia Pacific headquarters and praised the country’s regulatory environment. Ripple has faced regulatory challenges in the US, particularly with the SEC over the sale of XRP. The company has considered moving its operations to other regions like the UK and Singapore due to their favorable regulatory climates.
In addition to its success in Singapore, Ripple also secured a legal victory in the US. Judge Analisa Torres declared that retail sales of XRP are non-securities under US law, dealing a blow to the SEC’s concept of “crypto securities.” The SEC attempted to appeal this decision, but Judge Torres denied the motion. As a result, XRP’s price has increased by 5% within 24 hours.
Hot Take: Ripple Continues Expansion Amid Regulatory Challenges
Ripple’s recent achievements in Singapore and the US demonstrate its determination to expand its services despite facing regulatory hurdles. The company’s authorization to provide full payment services in Singapore solidifies its position as a leader in crypto payment solutions. Additionally, securing a legal victory against the SEC boosts Ripple’s standing and provides clarity regarding XRP’s classification. These milestones serve as a testament to Ripple’s resilience and commitment to navigating complex regulatory landscapes while offering innovative payment solutions.
By
By
By
By