Ripple Gets Regulatory License Nod for Digital Asset Services in Singapore

Jimmy Aki
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Digital payment platform Ripple has officially obtained regulatory license approval from the Monetary Authority of Singapore (MAS) to offer digital product services in Singapore.

Ripple Expansion Waves Touches Singapore

San Francisco-based blockchain company Ripple confirmed it had obtained in-principle approval from Singapore’s financial regulator in a public blog statement.

The regulatory approval is a license that grants Ripple a legal pathway to offer digital payment token services in Singapore.

The mutual relationship between Ripple and Singapore corroborates the country’s reputation as a hub of finance and technology.

Already, the country is home to respected firms such as DBS Bank Limited, Torus Labs, Cipherem Global Pte Ltd, Grandemy, Symphony Protocol, and RAMP DEFI.

The license approval would allow Ripple to increase the transactional movement of its native cryptocurrency, $XRP. The token will primarily serve as a means of payment for banking and financial institution customers.

In a tweet, Brad Garlinghouse, Ripple’s Chief Executive Officer (CEO), expressed his excitement and satisfaction with the new development.

He cited that the expansion and seamless regulatory approval from the MAS signals Ripple’s commitment to the region and proactive engagement with regulators globally.

New Regulatory Agreement Gives Ripple the Edge Over Ongoing U.S. SEC Litigations

While Ripple’s new expansion to Singapore has been positive, the blockchain-based company is caught in a regulatory landscape in the United States.

The announcement of license approval by the MAS comes on the heels of Ripple’s disputes with the Securities and Exchange Commission (SEC).

On December 22, 2020, SEC filed a lawsuit against Ripple over conducting a $1.3 billion unregistered securities offering.

The litigation caused a steep decline in the price of Ripple’s token, $XRP, at that time.

However, the recent release of the Hinman documents provided insights into the SEC’s perspective on cryptocurrencies and their questionable classification of what “securities” are.

The release of the highly anticipated documents created core relief and positive market sentiments for $XRP price recovery and the wilder crypto communities.

Earlier this year, the Chief Legal Officer for Ripple, Stuart Alderoty, downplayed SEC’s lawsuit. He further exuded confidence in the crypto firm’s ability to win the ongoing suit against the U.S. regulatory authority.

In his tweet, Stuart cited the SEC’s recent track record as a sham, recording four defeats out of five Supreme Court cases.

Despite the legal challenges spanned over two years, Ripple’s payment solution recorded hot growth traction last year.

Moreover, the company has continued to provide several businesses and financial institutions with the capability to facilitate cross-border payment.

With Ripple poised for a win in the court case, the potential victory is expected to validate the company’s reputation.

There will also be a positive impact on the growth of $XRP and the broader regulatory landscape for crypto assets.

$XRP Price Touted to Hit Moonshot

Ripple’s expansion to Singapore’s region and brewing optimism of the dismal SEC’s ongoing lawsuit is expected to boost $ XRP’s market trajectory to an overbought position.

XRP 6/22/23

The graph above shows $XRP’s market movement in the last seven days, indicating a sign of a gradual bull trajectory.

The token has recorded over 10% in the last seven days and is expected to soar even higher as more positive news sets in.

At press time, $XRP trades at $0.50 per token, with an impressive trading volume of $1.66 billion in the last 24 hours.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.