Regulation

Ripple Receives Digital Payments License in Singapore

Ripple Receives Digital Payments License in Singapore

Ripple, the blockchain tech firm behind $XRP, has received full approval for its license to operate as a major payments institution in Singapore.

The news comes in on the same day with a renewed thrust from the crypto firm after a recent ruling from U.S. courts denies the SEC from filing an appeal against Ripple Labs. The Monetary Authority of Singapore (MAS) granted this license to Ripple's Singapore-based entity, Ripple Markets APAC Pte Ltd, following the provisional approval it received in June.

This development highlights Singapore's growing significance as a hub for fintech and digital asset activities that prioritize innovation, consumer protection, and responsible growth. Ripple's CEO, Brad Garlinghouse, expressed his pride in the achievement, emphasizing Singapore's importance to the firm's global operations. Garlinghouse notes that Singapore has been the firm's Asia Pacific headquarters since 2017 and has played a pivotal role in Ripple's global business.

Currently, roughly 90% of Ripple's business is conducted outside the U.S. jurisdiction, underscoring the company's international focus. Ripple is committed to prioritizing the Asia Pacific region for the adoption of its crypto-backed products.

Ripple now joins a list of 14 other entities that have received similar licenses from MAS, including the local branches of well-known crypto exchanges like Coinbase, Independent Reserve, and Blockchain.com. This license enables Ripple to provide digital payment token services in Singapore, further expanding its presence in the region.

In a related development, U.S. District Court Judge Analisa Torres denied the United States Securities and Exchange Commission's (SEC) motion to file an appeal against Ripple Labs. This ruling stems from the SEC's lawsuit against Ripple Labs, the issuer of the XRP token. In a court order issued on October 3, Judge Torres rejected the SEC's motion, stating that the regulator had not met the burden of demonstrating controlling questions of law or substantial grounds for differences of opinion on the matter.

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 ilssues related to the case. Following this news, the price of XRP experienced a nearly 6% surge.

Previously, 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, arguing that substantial differences of opinion existed regarding the relevant laws. As of the time of publication, neither Ripple Labs nor the SEC had issued an immediate response to this recent development.

Disclaimer: This article is provided for informational purposes only and does not constitute legal, tax, investment, financial, or any other form of advice.

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