crypto

Ripple’s Digital Payments License Triumph in Singapore

October 7, 2023
gnews24x7.com
Spread the love

Ripple’s Digital Payments License Triumph in Singapore

Ripple, the prominent blockchain technology firm synonymous with $XRP, has secured the coveted approval for its license to function as a major payments institution in Singapore. This significant milestone aligns perfectly with Ripple’s resurgence, following a recent legal victory in the United States against the SEC.

Ripple’s Licensing Triumph in Singapore

The Monetary Authority of Singapore (MAS) has officially granted Ripple’s Singapore-based entity, Ripple Markets APAC Pte Ltd, full authorization to operate as a major payments institution. This decision marks the culmination of a process that began with provisional approval in June.

Singapore’s Emerging Fintech Hub

This pivotal development underscores Singapore’s rising prominence as a hub for fintech and digital asset activities, underpinned by a commitment to innovation, consumer protection, and sustainable growth. Ripple’s CEO, Brad Garlinghouse, expressed his immense pride in this achievement while emphasizing Singapore’s pivotal role in the company’s global operations. Notably, Singapore has served as Ripple’s Asia Pacific headquarters since 2017.

Global Expansion and Focus on Asia Pacific

Remarkably, approximately 90% of Ripple’s business operations are conducted beyond the purview of U.S. jurisdiction, underscoring the company’s steadfast international orientation. Ripple’s unwavering commitment to the Asia Pacific region as a key market for its crypto-backed products is evident through this latest licensing success.

Ripple Joins Esteemed Company

With this milestone, Ripple becomes a part of an exclusive group of 14 entities that have received similar licenses from MAS. This esteemed list includes local branches of renowned crypto exchanges such as Coinbase, Independent Reserve, and Blockchain.com. Ripple’s new license empowers it to offer digital payment token services in Singapore, further solidifying its presence in the region.

Legal Victory in the United States

In a parallel development, U.S. District Court Judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to appeal against Ripple Labs. This legal action stems from the SEC’s lawsuit against Ripple Labs, the issuer of the XRP token. Judge Torres, in her court order issued on October 3, determined that the SEC had not met the burden of demonstrating controlling questions of law or substantial grounds for differences of opinion on the matter.

Implications of the Legal Ruling

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. In response to this development, the price of XRP witnessed a nearly 6% surge in value.

Previous Legal Developments

In a previous ruling in July, Judge Torres had ruled partially in favor of Ripple, concluding that retail sales of the XRP token did not meet the legal definition of a security. However, the court also found Ripple in violation of securities laws due to the sale of XRP tokens directly to institutional investors.

Awaiting Responses

As of the time of publication, neither Ripple Labs nor the SEC has issued an immediate response to this recent legal development.

Disclaimer

Please note that this article serves purely as an informational resource and does not constitute legal, tax, investment, financial, or any other form of advice.

In conclusion, Ripple’s acquisition of a digital payments license in Singapore stands as a testament to its continued global expansion and commitment to the Asia Pacific market, while the legal victory in the United States signals potential shifts in the ongoing legal battle with the SEC.

Leave a Reply

Your email address will not be published. Required fields are marked *