Ripple Gets Regulatory Approval From Economic Powerhouse

October 4, 2023 10:11 am Comments

Ripple Labs just secured regulatory approval in yet another country.

The prestigious and nascent economic powerhouse of Singapore has granted Ripple the regulatory license to operate in the country providing digital token services.

Singapore is one of the most heavily regulated countries on earth. If Ripple scored regulatory approval in Singapore, it stands to reason that the digital asset firm will likely continue to score regulatory approval in other countries.

This is not a guarantee that Ripple Labs will eventually come to have a presence in most countries—only an educated guess.

“It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by [the] Monetary Authority of Singapore! Ripple is committed to delivering real-world crypto solutions for businesses in APAC,” Ripple announced in a press release on Tuesday.

Ripple President Monica Long had this to say: “Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products. Big shoutout to all at Ripple who worked tirelessly to secure our MPI license!”

According to CNBC:

The new development comes less than four months after the Monetary Authority of Singapore granted an initial in-principle approval in June. With the full license, Ripple will continue to provide regulated crypto payment services in Singapore.

“Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions,” the company said.

Members of the crypto community and the XRP army celebrated the recent announcement. Regulatory clarity via Singapore and Hong Kong will likely mean that Ripple and XRP will soon spread through the other South Pacific countries.

Coin Telegraph provided this statement from Ripple CEO Brad Garlinghouse:

“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

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