Ripple Receives Full Approval for Payments Institution License in Singapore
Ripple, the blockchain tech firm behind $XRP, has obtained full approval for its license to operate as a major payments institution in Singapore. The Monetary Authority of Singapore (MAS) granted this license to Ripple’s Singapore-based entity, Ripple Markets APAC Pte Ltd, following provisional approval received in June.
Singapore’s Growing Significance in Fintech and Digital Assets
This development highlights Singapore’s increasing importance as a hub for fintech and digital asset activities that prioritize innovation, consumer protection, and responsible growth. Ripple’s CEO, Brad Garlinghouse, expressed pride in this achievement and emphasized Singapore’s role in the firm’s global operations. He noted that Singapore has been the company’s Asia Pacific headquarters since 2017 and has played a pivotal role in its global business.
International Focus on the Asia Pacific Region
Roughly 90% of Ripple’s business is conducted outside the U.S., indicating the company’s international focus. Ripple aims to prioritize the adoption of its crypto-backed products in the Asia Pacific region.
Ripple Joins Other Entities with Similar Licenses
Ripple now joins 14 other entities that have received similar licenses from MAS, including local branches of popular crypto exchanges like Coinbase, Independent Reserve, and Blockchain.com. This license allows Ripple to provide digital payment token services in Singapore, further expanding its presence in the region.
SEC Denied Appeal Against Ripple Labs
In related news, U.S. District Court Judge Analisa Torres denied the SEC’s motion to file an appeal against Ripple Labs. This ruling stems from the SEC’s lawsuit against Ripple Labs over the XRP token. Judge Torres rejected the SEC’s motion, stating that the regulator had not demonstrated controlling questions of law or substantial grounds for differences of opinion on the matter.
Setback for the SEC, But Trial Scheduled for 2024
While this decision represents a setback for the SEC, it is not a conclusive loss. Judge Torres has scheduled a trial for April 23, 2024, to address remaining issues related to the case. Following this news, the price of XRP saw a nearly 6% surge.
Prior Rulings and Pending Response
In July, Judge Torres ruled partially in favor of Ripple, determining that retail sales of the XRP token did not meet the legal definition of a security. However, the court also found that Ripple had violated securities laws by selling XRP tokens directly to institutional investors. The SEC had moved to appeal this decision in August. As of now, neither Ripple Labs nor the SEC has issued an immediate response to this recent development.
Hot Take: Ripple Secures Payments Institution License in Singapore as Legal Battle Continues
Ripple’s approval for its license as a major payments institution in Singapore solidifies its presence in the Asia Pacific region. The decision comes at a crucial time for Ripple as it faces legal challenges from the SEC. While the denial of the SEC’s appeal is a setback for the regulator, a trial is still scheduled for 2024 to address remaining issues. Despite these legal uncertainties, Ripple’s international focus and commitment to innovation make Singapore an important hub for its operations. With this latest development, Ripple continues to navigate both regulatory hurdles and expansion opportunities in the crypto industry.
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