Despite the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple successfully secured a new deal.
Despite facing regulatory compliance challenges in the United States, Ripple Labs has received an In-Principle Approval of the Major Payments Institution License from the Monetary Authority of Singapore (MAS).
In light of this, Ripple’s Legal head has shared a tip for those concerned about regulatory clearance.
Could Ripple Lead the Crypto Industry?
Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted the Central Bank of Singapore’s successful establishment of a comprehensive framework that encompasses consumer protection, market integrity, and innovation in the crypto industry.
This framework includes a clear classification system and regulations for digital assets. Alderoty praised these guidelines for enabling crypto companies like Ripple to develop and provide compliant products for users, which has been more challenging in the United States.
The Ripple Legal Chief directed his attention towards bearish sentiments in the industry and emphasized the importance of regulatory clarity. According to him, having clear and well-defined regulations is crucial for the cryptocurrency utility to progress and demonstrate its real-world use cases.
Ripple achieved a significant milestone at a crucial time as it continues its legal battle with the U.S. Securities and Exchange Commission (SEC), which is approaching the anticipated Summary Judgement. The release of the Hinman Ethereum speech-related documents has added more weight to the XRP lawsuit, making this recent development for Ripple even more significant.
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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