Ripple firm successfully secured a digital payment token license from the MAS agency.
Ripple is a San Francisco headquartered blockchain firm and this firm provides cross-border payment services. In Singapore, Ripple provides its services via a local subsidiary Ripple Markets APAC Pte Ltd.
On 4 Oct 2023, Ripple announced that the company secured a full license to provide digital payment token (DPT) services from the country’s financial regulator & central bank Monetary Authority of Singapore (MAS).
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
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— Ripple (@Ripple) October 4, 2023
The Ripple CEO Brad Garlinghouse appreciated the role of Ripple firm to push digital finance innovations in the jurisdiction of Singapore. He said that Singapore has developed into a leading digital fintech & cryptocurrency hub with a better balance between customer protection as well as regulated growth of this innovative sector.
Currently, 14 companies are holding DPT licenses in Singapore and Ripple is a new name in this list.
Earlier just a few days back, Coinbase crypto exchange secured a license from the MAS agency to provide services to institutions in Singapore. With that license, Coinbase Singapore is now eligible to provide services to retail as well as institutional investors.
It is worth it to note that Coinbase & Ripple have continuously increased their presence in non-US countries over the last couple of years. In particular, the Coinbase exchange showed a significant Inclination toward non-US jurisdiction this year, following the bad crypto regulatory environment in the US.
Ripple, SEC, & XRP
Ripple provides its cross-border payment services with the help of XRP coin, a crypto token that runs on the Proof-of-stake (PoS) blockchain network XRPL, the development work managed by the Ripple labs.
Since Dec 2020, Ripple has been in legal hurdles with the United States Securities and Exchange Commission (SEC) for the nature of XRP coin. However, in July of this year, the court judge ruled that the XRP coin was not a Security but the SEC agency filed a motion to challenge the court ruling.
Today the court judge rejected SEC’s motion and with that Ripple scored a major victory against SEC.
Read also: XRP coin pumping, as court judge rejects SEC’s motion to appeal Ripple (XRP) court ruling
Ripple successfully gets digital payment token (DPT) license in Singapore
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