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. Crypto.com 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.