06 Oct, 2023

Ripple Secures Full Payment License in Singapore

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Ripple Secures Full Payment License in Singapore

TL;DR

  • Ripple has secured a full payment license from the Monetary Authority of Singapore.
  • Fourteen other entities, including Coinbase, have received the green light to offer services related to digital payment tokens. 

Ripple has been granted a comprehensive license from the Monetary Authority of Singapore (MAS) to function as a primary payment institution following its preliminary approval in June.

Ripple Can Now Offer Services Related to Digital Payments in Singapore
Now Ripple Can Offer Services Related to Digital Payments in Singapore | Source: WSJ

The announcement on October 4 mentioned that Ripple’s regional branch, Ripple Markets APAC, has successfully secured this license from MAS.

“Singapore stands out as a front-runner in fintech and digital assets, adeptly bridging innovation with consumer safeguards and sustainable growth.”

Brad Garlinghouse, Ripple’s CEO

Garlinghouse emphasized that since 2017, Singapore has not only been the base for Ripple’s Asia Pacific headquarters but has also played a crucial role in shaping Ripple’s worldwide operations.

Highlighting its global reach, the US-based Ripple pointed out that over 90% of its operations are international. 

The company remains committed to the Asia Pacific region for promoting its cryptocurrency-based offerings.

With this license, Ripple can now offer services related to digital payment tokens. 

It’s now joined by 14 other entities, including Coinbase, Independent Reserve, and Blockchain.com’s Singapore divisions, that have received a similar license from MAS.

Ripple’s Victory Against SEC is Getting Bigger

In other positive developments for Ripple, a US judge overseeing the SEC’s lawsuit against the firm dismissed the regulator’s request to introduce an interim appeal in the ongoing litigation.

Judge Analisa Torres of the District Court has turned down the U.S. Securities and Exchange Commission’s appeal against Ripple Labs, the issuer of the XRP token.

Ripple’s Victory Against SEC is Getting Bigger
Ripple’s Victory Against SEC is Getting Bigger | Source: Yahoo Finance

In her decision on October 3, Judge Torres stated that the SEC did not successfully demonstrate significant questions of law or substantial grounds for differing viewpoints regarding the case.

It’s worth noting that this isn’t a complete setback for the SEC. Judge Torres has set a trial date for April 23, 2024, to discuss the remaining issues.

This announcement increased XRP’s value by almost 6%.

On July 13, Torres ruled in favor of Ripple to some extent, stating that XRP’s retail sales didn’t qualify as a security by legal standards.

Nevertheless, the court determined that Ripple broke securities regulations by selling XRP tokens directly to major investors.

In the subsequent month, the SEC appealed this verdict, maintaining significant discrepancies in interpretations of the related laws.

The SEC initiated the lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020. 

This move led several exchanges to remove XRP from their lists to evade potential legal issues.

After Judge Torres’ July decision, numerous cryptocurrency platforms expressed interest in relisting the token or considering the option.

Do you think Ripple will finally win the lawsuit? If so, the crypto company will definitely enter a successful phase!