The last few days have been very successful for the U.S. crypto companies, which are gradually recovering from the FTX collapse. Most recently, Coinbase announced that it had received a payment institution license in Singapore. Ripple, the company behind the XRP token, has been making headlines with a series of achievements. Its Singapore subsidiary has secured a pivotal license, and it has also marked a significant win in its ongoing U.S. court battle.
Singapore’s Green Light for Ripple
The Monetary Authority of Singapore (MAS) has officially granted a major payments institution license license to Ripple‘s subsidiary following an initial in-principle approval in June. This endorsement allows Ripple‘s Singapore branch to continue offering digital payment token services in this rapidly expanding market.
Brad Garlinghouse, Ripple‘s CEO, expressed his enthusiasm, stating, “Singapore has emerged as a premier fintech and digital asset hub, masterfully balancing innovation, consumer protection, and sustainable growth.” He further highlighted that Singapore has been home to Ripple’s Asia Pacific headquarters for the past six years.
Ripple’s formal licensing was granted to its Ripple Markets APAC Pte Ltd subsidiary. The company emphasized that approximately 90% of its operations are conducted outside the U.S.
U.S. Court Battle: Ripple’s Notable Win
In the U.S., Ripple has been embroiled in a legal tussle with the U.S. Securities and Exchange Commission (SEC) regarding its operational rights. In a recent development, District Judge Analisa Torres dismissed the SEC’s attempt to appeal its previous loss against Ripple.
Judge Torres clarified that the SEC couldn’t demonstrate the necessary legal grounds for the appeal. However, the battle isn’t entirely over for the SEC. A trial for unresolved issues has been scheduled for April 2024, and the SEC might consider appealing the entire case subsequently.
Earlier in July, Judge Torres had determined that while Ripple did breach federal securities regulations by selling XRP directly to institutional investors, it hadn’t done the same with its retail sales via exchanges. This ruling raised questions about the extent of regulatory oversight on cryptocurrencies.
