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Ripple gets in-principle approval of the Major Payments Institution License application in Singapore. The leader in enterprise blockchain and crypto solutions will offer regulated digital payment token products and services in the city-state, further scaling the use of its crypto-enabled On-Demand Liquidity (ODL) service. XRP price climbs 3% in response to the announcement.
Ripple Gains Payments License in Singapore
Ripple on June 22 announced that its subsidiary Ripple Markets APAC Pte Ltd has received in-principle approval of the Major Payments Institution license from Singapore’s central bank Monetary Authority of Singapore (MAS). The firm also took to Twitter to announce that it has deepened its root in the Asia-Pacific region.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. 🇸🇬
Learn more: https://t.co/8Ylc3lZSeg
— Ripple (@Ripple) June 22, 2023
Brad Garlinghouse, CEO of Ripple, said the MAS continues to lead in digital asset regulation, recognizing its utility in business and retail space. As part of Ripple’s collaboration with the MAS, Garlinghouse to discuss how investment and clear regulation can help with digital asset innovation at a forum in Switzerland on June 27.
“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”
Ripple’s chief legal officer Stu Alderoty, who is currently engaged in the US SEC lawsuit, asserts countries developing crypto regulatory frameworks look to Singapore for “developing a clear taxonomy and licensing framework.” Ripple executives remain confident about its victory over the US SEC and clarify that XRP is not a security.
On Wednesday, the Monetary Authority of Singapore took another major step by proposing a common standard to specify conditions for using digital currencies such as stablecoins, tokenized bank deposits, and central bank digital currencies. The International Monetary Fund (IMF), central banks of South Korea and Italy, as well as global leaders such as JPMorgan, Amazon, and DBS Bank contributed to the MAS’s proposal.
Also Read: Powell Says “Pause” Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally
XRP Price to Hit $1?
Ripple expects the US SEC lawsuit summary judgment to come in its favor, which will also set a precedent for other crypto lawsuits. Despite the lawsuit, Ripple continues to expand and grow its user base and ODL service globally. It will help bring a significant rally to XRP.
XRP price trades at $0.5143, up 3% in the past 24 hours. The 24-hour low and high are $0.49 and $0.52, respectively. In fact, a cup and handle pattern formation has cleared path to $0.76. XRP price has climbed nearly 60% this year, the crypto market expects a rally to $1.
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