Ripple, a blockchain startup, has achieved a major victory by securing a full license to offer digital token payment services in Singapore from the Monetary Authority of Singapore (MAS). This license allows Ripple to provide digital token payment services in the country and marks an important step towards the adoption of digital assets.The news of Ripple’s license has caused a surge in the price of its native cryptocurrency XRP, which gained over 5 percent and reached $0.53 in price, entering the top five cryptocurrencies by market capitalization.Singapore has gained recognition as a leader in the realm of digital asset regulation, making it an attractive hub for enterprises and financial institutions seeking to leverage the potential of cryptocurrencies for purposes such as cross-border payments, crypto liquidity, and the development of central bank digital currencies.Brad Garlinghouse, Chief Executive Officer of Ripple, commented on the development, saying that Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.The US court has also denied the SEC’s appeal of the interlocutory motion, which is another victory for Ripple in proving that XRP isn’t a security. This has further boosted the price of XRP. Coinbase has also announced securing an MPI license from the Monetary Authority of Singapore. Coinbase is regulated by the SEC and FINRA in the USA, and by CySEC and FCA in Europe.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Brad Garlinghouse |
| Companies | SEC, MAS, Monetary Authority of Singapore, FINRA, Coinbase, Ripple Markets APAC Pte Ltd, FCA, CySEC, Ripple |
| Currencies | US Dollar, Ethereum, XRP, Bitcoin, Singapore Dollar |
| Securities | None |
