Ripple given the green light in Singapore for remittance solutions despite no license

• Payment solutions on ripple have been recently gaining some attraction as more customers are leveraging the solutions in order to power faster payments. 
• These kinds of remittance solutions have seen recognition from the Congress in the United States with traditional banking institutions such as the monetary authority of Singapore taking notice of their work.

Payment solutions on ripple have been recently gaining some attraction as more customers are leveraging the solutions in order to power faster payments on an international scale. These kinds of remittance solutions have seen recognition from the Congress in the United States with traditional banking institutions such as the monetary authority of Singapore and the Bank of America taking notice of their work.

According to the Chief Technical Officer at SBI ripple Asia, the San Francisco-based company was allowed to operate in the country without a license because it would’ve made things easier and faster when it comes to the remittance solutions.

Cryptocurrency law was adopted by Singapore early this year in January and is now known as the payment services act. As well as other crypto companies, ripple is one of the few that was exempted from this law since the start of this year.

Earlier this week the chief technical officer tweeted that the efficient remittance solutions have now been allowed to operate license free in the country.

#Ripple & #XRP, gaining trust for their faster and easier remittance solutions, now allowed to operate in Singapore license-free.
In the latest. The Singapore Monetary Authority has granted license-free operations reward to #ripple for its seamless and tamperproof #RippleNet pic.twitter.com/LjESPZcJZ0

— Ajeesh Sadanand (@AjeeshSadanand) April 14, 2020

Even though this is a great stride for the company, Ripple's XRP token was one of the worst performing cryptocurrencies in the industry in the first quarter of this year. During the self off in March, the token lost its number three spot to the tether stablecoin, USDT.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!