- It was in June that Ripple received a general approval in Singapore.
- In another victory for Ripple, the US judge rejected the SEC’s request to appeal Ripple Labs’ loss.
Ripple [XRP] obtained a full crypto asset license in Singapore on October 3. The exchange informed that its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has obtained a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). It can now offer digital payment token services in Singapore.
Brad Garlinghouse, CEO of Ripple, said:
Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global operations.
It was in June that Ripple received a general approval. Four months later, the company obtained a full MPI license.
The statement said that 90% of Ripple’s business takes place outside the US. The crypto company will continue to prioritize APAC for the adoption of its crypto-backed products.
Singapore has more than 700 Web3 companies. It is a crucial player in the growth of the crypto and Web3 economy in Asia and the world.
To date, the island nation has granted MPI licenses to fourteen virtual asset companies. The MAS has indeed done that promised an MPI license to a local subsidiary of Swiss crypto bank Sygnum on the same day as Ripple.
A legal victory for Ripple
Ripple scored another victory on October 3 when the judge presided over the US securities violations case refused the preliminary appeal from the Securities and Exchange Commission (SEC).
The judge ruled that the supervisory authority has not succeeded in demonstrating that there are controlling questions of law or that there are substantial grounds for differences of opinion in this regard. The trial is scheduled for April 2024 to address the remaining issues in this matter.
In 2020, the SEC sued Ripple for securities law violations. In July 2023, the judge ruled that sales of Ripple’s XRP tokens on crypto exchanges and while programmatic sales did not constitute investment contracts; Therefore, it is not a certainty in this case.
However, the institutional sale of these tokens violated federal securities laws. The court has now rejected the supervisor’s summary judgment.
After the latest statement, the price of XRP rose by as much as 6% to $0.545. At the time of writing, it was trading at $0.52762.
Source: XRP/USD, TradingView