Ripple (XRP) secures in-principle payments license in Singapore
Ripple CEO appreciated Singapore’s regulatory bodies over clear crypto rules & regulations.
Singapore is an island country and city-state in maritime Southeast Asia. Crypto investment/trading is fully legal in this country and the best thing for crypto investors in this country is zero tax on profit/loss against crypto investment.
On 22 June 2023, San Francisco headquartered blockchain firm Ripple announced that the it received an in-principle payments license in Singapore from the Monetary Authority of Singapore (MAS).
Ripple CEO Brad Garlinghouse appreciated the Singaporean authorities’ support for the crypto sector, which is much clear for the crypto companies to operate a business.
“we’re incredibly proud Ripple is one of a handful of firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services!” Garlinghouse said.
Furthermore, Ripple’s CEO said that Singapore’s MAS is aware of the blockchain technology potential and they are continuously creating clear regulatory paths for the innovation of this innovative sector.
Ripple & US
In the present time, Ripple is supporting several central banks to help them to develop blockchain tools to bring modernization to their traditional payment systems.
As we know that Ripple is headquartered in San Francisco but still it is failing to establish better relationships with the local regulatory bodies.
Since Dec 2020, Ripple has been in a legal fight with the United States Securities Exchange Commission (SEC) over the nature of XRP coin & its crypto payment buisness.
XRP coin price action
XRP is the native coin of the XRP ledger, a Proof-of-stake (PoS) blockchain network. Ripple Labs is the backend engineering team behind XRP Leger.
The current trade price of XRP is $0.49 & this trade price is 5.25% down over the last 24 hours’ trade price.
Read also: Cardano blockchain secures 2,400 new wallets per day in the first half of this year
