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Cryptocurrency Firm Ripple Acquires Principle Payment License in Singapore

Ripple CEO Brad Garlinghouse speaks at the CoinDesk 2022 Consensus Festival in Austin, Texas, USA on Saturday, June 11, 2022.

Jordan Vonderhaal | Bloomberg | Getty Images

Blockchain company Ripple announced Thursday that it has received in-principle regulatory approval to operate in Singapore. This is rare good news for the global crypto industry as it faces tightening policies in its home country of the United States.

Ripple has announced that it has received approval in principle for a Major Payment Institution License from the Monetary Authority of Singapore (Central Bank).

The license will allow Ripple to offer regulated digital payment token products and services and expand cross-border remittances of XRP, a cryptocurrency with which the company has a close relationship, among customers who are banks and financial institutions. become.

XRP was trading at around 50 cents late Wednesday night.

San Francisco-based fintech company Ripple is best known for its interbank messaging service based on XRP and blockchain, the distributed ledger technology that underpins many cryptocurrencies.

The company’s on-demand liquidity service uses XRP as a kind of “bridge” between currencies, allowing payment providers and banks to process cross-border transactions much faster than traditional payment rails. there is

But Ripple also uses a blockchain-based platform called RippleNet to facilitate large-scale fund transfers between banks and other financial institutions, similar to SWIFT, the global interbank messaging system. It also operates an international messaging system.

Securities and Exchange Commission charging rippleco-founder Christian Larsen and CEO Brad Garlinghouse conducted an illegal securities offering, raising over $1.3 billion through the sale of XRP.

Ripple denies the SEC’s allegations, arguing that XRP is a currency rather than a security subject to strict rules.

Singapore is one of the largest currency corridors for Ripple to use XRP to send money across borders, the company said in a press release.

The majority of Ripple’s global on-demand liquidity trades are routed through Singapore, which serves as the company’s Asia Pacific regional headquarters, Ripple said.

Ripple has doubled its headcount in Singapore over the past year in key departments such as business development, compliance and finance and plans to continue to grow its presence in Singapore.

Singapore’s financial regulator, MAS, did not immediately respond to inquiries from CNBC.

The central bank previously moved disgraced crypto hedge fund Three Arrows Capital, which went bankrupt after betting billions on the failed stablecoin Terra USD, to the British Virgin Islands in 2021. was in the news for accusing it of providing misleading information about

The Asian megacity has long earned a reputation as a financial technology and crypto-friendly jurisdiction, with domestic bank giant DBS, British fintech firm Revolut and Singapore-based cryptocurrency exchange Crypto. It has opened its doors to many large corporations. com.

Garlinghouse will speak next Wednesday at the Point Zero Forum in Zurich, Switzerland, to “discuss the resurgence of innovation in digital assets through investment and thoughtful regulation,” the company said.

Appeared after Ripple Acquired Metaco for $250 millionCryptocurrency custody service company Ripple is looking to expand its reach in the Swiss market and diversify away from its home base in the United States. It is wrapped up saying it will cost more than $200 million in legal fees until the legal battle.

Summarize this content to 100 words Ripple CEO Brad Garlinghouse speaks at the CoinDesk 2022 Consensus Festival in Austin, Texas, USA on Saturday, June 11, 2022.Jordan Vonderhaal | Bloomberg | Getty ImagesBlockchain company Ripple announced Thursday that it has received in-principle regulatory approval to operate in Singapore. This is rare good news for the global crypto industry as it faces tightening policies in its home country of the United States.Ripple has announced that it has received approval in principle for a Major Payment Institution License from the Monetary Authority of Singapore (Central Bank).The license will allow Ripple to offer regulated digital payment token products and services and expand cross-border remittances of XRP, a cryptocurrency with which the company has a close relationship, among customers who are banks and financial institutions. become.XRP was trading at around 50 cents late Wednesday night.San Francisco-based fintech company Ripple is best known for its interbank messaging service based on XRP and blockchain, the distributed ledger technology that underpins many cryptocurrencies.The company’s on-demand liquidity service uses XRP as a kind of “bridge” between currencies, allowing payment providers and banks to process cross-border transactions much faster than traditional payment rails. there isBut Ripple also uses a blockchain-based platform called RippleNet to facilitate large-scale fund transfers between banks and other financial institutions, similar to SWIFT, the global interbank messaging system. It also operates an international messaging system.Securities and Exchange Commission charging rippleco-founder Christian Larsen and CEO Brad Garlinghouse conducted an illegal securities offering, raising over $1.3 billion through the sale of XRP.Ripple denies the SEC’s allegations, arguing that XRP is a currency rather than a security subject to strict rules.Singapore is one of the largest currency corridors for Ripple to use XRP to send money across borders, the company said in a press release.The majority of Ripple’s global on-demand liquidity trades are routed through Singapore, which serves as the company’s Asia Pacific regional headquarters, Ripple said.Ripple has doubled its headcount in Singapore over the past year in key departments such as business development, compliance and finance and plans to continue to grow its presence in Singapore.Singapore’s financial regulator, MAS, did not immediately respond to inquiries from CNBC.The central bank previously moved disgraced crypto hedge fund Three Arrows Capital, which went bankrupt after betting billions on the failed stablecoin Terra USD, to the British Virgin Islands in 2021. was in the news for accusing it of providing misleading information aboutThe Asian megacity has long earned a reputation as a financial technology and crypto-friendly jurisdiction, with domestic bank giant DBS, British fintech firm Revolut and Singapore-based cryptocurrency exchange Crypto. It has opened its doors to many large corporations. com.Garlinghouse will speak next Wednesday at the Point Zero Forum in Zurich, Switzerland, to “discuss the resurgence of innovation in digital assets through investment and thoughtful regulation,” the company said.Appeared after Ripple Acquired Metaco for $250 millionCryptocurrency custody service company Ripple is looking to expand its reach in the Swiss market and diversify away from its home base in the United States. It is wrapped up saying it will cost more than $200 million in legal fees until the legal battle.
https://www.cnbc.com/2023/06/21/crypto-firm-ripple-gets-in-principle-payments-license-in-singapore.html Cryptocurrency Firm Ripple Acquires Principle Payment License in Singapore

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