San Francisco-based financial technology company Ripple has successfully obtained a principle-based license to operate as a payment provider in Singapore. This move comes amidst a significant intervention in the digital asset industry in the United States. Ripple announced on June 21st that it has received regulatory approval to operate in Singapore. The fintech company has been granted a “Major Payment Institution License” from the Monetary Authority of Singapore, the country’s central bank.
Ripple CEO Brad Garlinghouse commented on the positive approach Singapore has taken towards cryptocurrencies.
“As a significant global financial center, Singapore has played a pioneering role in adopting a realistic and innovative approach to cryptocurrencies.”
Ripple Sets Sights on Asia
New License to Allow Ripple to Offer Digital Payment Token Products and Services in Asia-Pacific Hub. It will also enable the company to expand cross-border payments using its native token XRP.
Ripple has doubled its workforce at its Singapore office since its establishment in 2017. The latest move represents another strategic shift towards Asia for American crypto companies amidst tightening regulations at home. According to the company, 90% of its business is global, and Singapore is one of the fastest-growing markets, ranking high on its hiring list, as reported by the Straits Times. Ripple stated that it has experienced “unprecedented business momentum.” Last year, 60% of its global payments were made using “on-demand liquidity (ODL)” via RippleNet. The company added that the ODL volume in Singapore increased fivefold last year.
Stuart Alderoty, Ripple’s Chief Legal Officer, said that Singapore has been one of the earliest advocates in developing a clear and workable regulatory framework for blockchain and crypto.
“While the United States is shaking, companies like Ripple will continue to invest time and resources in countries like Singapore.”
Ripple is among several major American fintech companies considering moving overseas. Others include Coinbase, Gemini, Galaxy Digital, and Paxo. Earlier this month, stablecoin issuer Circle obtained a “Major Payment Institution License” from the Monetary Authority of Singapore.
XRP Price Expectations
Ripple’s native token XRP has gained 3.6% in value during the day, mostly occurring shortly after the publication of several news articles.
At the time of writing, XRP is trading at $0.515 and has gained 6.7% in the past week. However, it lags behind Bitcoin and Ethereum in terms of weekly gains.
XRP is currently 85% lower than its peak price of $3.40 in January 2018, but a favorable outcome against the SEC could dramatically change the situation. You can visit EgeMoney for real-time tracking of Ripple (XRP) and coins in the spot market. To stay updated on the latest developments, you can follow our blog page.
