Ripple breaks through borders and obtains a payment institution license in Singapore
Bitcoin and altcoins

Ripple obtains a payment institution license in Singapore

In the race for international expansion, Ripple has taken another significant step. The American crypto company, famous for its XRP token, has just received preliminary approval from the Monetary Authority of Singapore to establish its services in the city-state.

This decision marks a turning point in the global crypto landscape and calls into question American supremacy in the sector.

Ripple to offer instant payment products and services

Ripple recently received preliminary approval from the Monetary Authority of Singapore to establish its digital payment services. This advance will enable Ripple’s local subsidiary to offer instant payment products and services to financial institutions, using the XRP token as a transition currency.

This partnership offers a unique opportunity for financial institutions to make fast and efficient cross-border payments. Ripple quickly shared the news on Twitter, generating a media buzz in the crypto community.

However, it should be noted that this preliminary approval is only a first step for Ripple. To gain final approval from local authorities, the company will still need to meet certain additional requirements, as Stu Alderoty, Ripple’s General Counsel, points out.

Brad Garlinghouse, CEO of Ripple, welcomed this major breakthrough and praised Singapore for its leadership in establishing clear rules for innovation and digital assets. In a statement, he also offered a veiled criticism of the US Securities and Exchange Commission (SEC) for its lack of regulatory clarity:

“Singapore continues to be a global leader in establishing clear rules of the road to recognize innovation and the real utility of digital assets, as well as its benefits to the global financial system.”

Before Ripple, other major players in the crypto industry have chosen Singapore as their home or taken similar steps to comply with local regulations. recently obtained a license for its activities in Singapore, while Gemini has also explored the opportunities offered by the city-state. Other companies, such as Circle, the issuer of stablecoin USDC, have also taken similar steps.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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