Markets

Ripple Receives Singapore MAS Green-Light Amid War With SEC

San Francisco-based blockchain firm Ripple has announced that it has received regulatory approval in principle to operate in Singapore. The clearance coincides with a crackdown in the US, where agencies are threatening legal action against crypto companies.

After being approved by several players such as Circle and Crypto.com, the Monetary Authority of Singapore has issued Ripple with a Major Payment Institution (MPI) license.

MAS MPI exports to Ripple

license Grant The right for Ripple to operate digital payment token products and services regulated in the Asian Crypto Hub. It can also facilitate cross-border transfers of XRP and expand Ripple’s on-demand liquidity (ODL) services. The company also operates money transfer RippleNet and has expanded in the past year with new partnerships.

Brad Garlinghouse, CEO of Ripple,

Singapore is a leading global financial center and a preeminent gateway for business in the Asia Pacific region. We are extremely proud to have received a license in principle from MAS, which underscores our commitment to the region and continued proactive engagement with regulators globally.”

Ripple’s Chief Legal Officer, Stu Alderoty, expressed appreciation for Singapore’s role in pioneering cryptocurrency regulatory frameworks. Crypto companies, especially US-based companies, have turned to the city-state. This is happening because the US is still a legal battleground with the securities regulator.

Singapore has become a hub for American companies

Crypto Gemini is eyeing expansion plans in Singapore and the UAE. Gemini, led by the Winklevoss twins, plans to hire 100 new employees for its Singapore hub. Another business to diversify growth opportunities outside of the United States

Circle and Crypto.com both obtained licenses to operate in Singapore this month. Refers to their expansion into the Asia Pacific region. These approvals highlight Singapore’s efforts to embrace innovation and establish itself as a welcoming jurisdiction. This is in contrast to the skepticism shown in the United States

Ripple is part of an ongoing legal battle with the US Securities and Exchange Commission (SEC). The controversy surrounding XRP’s classification as a security has put it at the forefront of cryptocurrencies. Ripple co-founder and CEO Brad Garlinghouse, Christian Larsen, faces additional legal challenges.

CNBC He notes that the company incurred significant legal expenses, with estimates exceeding $200 million by the time its legal battle with the Securities and Exchange Commission ended.

While Singapore is an important currency corridor for Ripple, its approval in Singapore paves the way for expanding crypto-enabled payments across the Asia Pacific region.

Last week, Ripple acquired Swiss crypto custody service company Metaco, with the aim of diversifying its market reach and reducing its dependence on the United States.

Disclaimer

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