The Monetary Authority of Singapore has granted Ripple’s Singaporean affiliate a license to operate as a major payments institution. This enables the business to keep offering digital payment token services in the quickly developing area. This is Ripple’s second piece of good news in just eight hours.
In order to balance innovation, consumer protection, and responsible growth, Singapore has emerged as one of the top centres for fintech and digital assets, according to Ripple CEO Brad Garlinghouse. The nation has housed the Asia Pacific headquarters of Ripple for six years. Ripple gained preliminary clearance in June, and as of right now, its subsidiary, Ripple Markets APAC Pte Ltd, has been officially licenced.
On Tuesday, the corporation disclosed that 90% of its business is done outside of the United States. The Securities and Exchange Commission (SEC) of the United States and Ripple are engaged in legal conflict over the latter’s ability to conduct business there. A federal court rejected the SEC’s appeal attempt on Tuesday, giving the business another big victory in this case and paving the way for a decisive showdown in an April trial.