Singapore’s Monetary Authority (MAS) grants Ripple an in-principle license for Major Payment Institution, overcoming regulatory challenges amid ongoing US SEC lawsuit.
Blockchain company Ripple achieves in-principle approval for Major Payment Institution License from Singapore’s Monetary Authority (MAS), amid regulatory challenges in the US, including an ongoing lawsuit with the SEC.
Ripple achieves a major milestone as it secures the Major Payment Institution License, positioning itself as a trusted and regulated player in Singapore. This approval enables Ripple to expand its operations and provide innovative payment solutions to businesses and consumers in the APAC region.
MAS’s approval reflects Singapore’s commitment to fostering fintech innovation while maintaining strong regulatory oversight. With its progressive approach and supportive framework, Singapore has emerged as a leading global hub for blockchain and cryptocurrency companies.
Amidst heightened scrutiny and tightening policies in the US cryptocurrency industry, Ripple’s approval in Singapore brings a ray of positivity, emphasizing the potential for international expansion and the significance of creating a supportive environment for blockchain and cryptocurrency companies. It underscores the importance of fostering innovation and growth in this evolving industry while ensuring regulatory compliance.
Furthermore, Ripple’s native cryptocurrency, XRP, has experienced a notable surge, with its price increasing by over 3.6% in a single day and 7% over the past week, reaching a trading value of $0.5152. Additionally, XRP boasts a 24-hour trading volume of $2 billion, reflecting a significant climb of over 31%, and maintains a market capitalization of $27 billion.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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