Ripple receives basic Singapore payment license The US crypto exodus continues

Ripple receives basic Singapore payment license The US crypto exodus continues

The step takes place in the middle of a massive procedure against the digital asset industry in the United States.

On June 21, Ripple stated that the fundamental approval for the company in Singapore received.

The FinTech company received 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 of the Asian island state to crypto.

"As a major global financial center, Singapore was a leader in the persecution of a pragmatic, innovation -oriented approach to crypto."

as an important global financial center was Singapore pioneer in a pragmatic, innovation -oriented approach in the crypto area - we are incredibly proud @Ripple is one of a few companies (<20) that have received a basic approval for a MAS MPI license for digital payment services! https://t.co/mt1j3qmei0

- Brad Garlinghouse (@bgarlinghouse) 22. June 2023

ripple turns to Asia

The new license will enable ribbele. The headquarters in the Asian-Pacific area to offer products and services for digital payment sticks. As a result, the company can also extend cross -border payments using its native token XRP.

Ripple doubled the number of employees in his office in Singapore, which opened the company in 2017. The latest step is another swivel of a large American crypto company to Asia, while the screws in the industry become firmer.

According to the company, 90 % of its business is global, and Singapore is one of the fastest growing markets and is at the top of recruitment, reported the Straits Times.

ripple added that it had experienced an “unprecedented business dynamics”. Around 60 % of global payments were handled last year via Ripplenet via on-demand liquidity (ODL). The ODL volume in Singapore rose to five times last year, it said.

Stuart Alderoty, Rippleder Chief Legal Officer von Singapore was one of the “first advocates of the development of a clear and practical regulatory framework for blockchain and crypto”.

"While the USA is faltering, ripple we will continue to invest our time and resources to countries like Singapore",

Ripple is one of the most prominent US FinTech companies that consider moving abroad. This includes Coinbase, Gemini, Galaxy Digital and Paxo. At the beginning of this month, the StableCoin emittent Circle received a Major Payment Institution (MPI) license.

XRP price view

rippleder native token from XRP, XRP, increased by 3.6 % that day, most of them since the message was published a few hours.

At the time of writing this article, XRP was traded at $ 0.515 after it had increased by 6.7 % last week. With regard to the weekly growth, however, it lags Bitcoin and Ethereum.

XRP is currently 85 % below its maximum price of $ 3.40 in January 2018, but a victory against the Sec could change this dramatically.

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