Ripple Scores Two Wins in One Day Amid Singapore Licence Approval and Legal Victory

The wins keep piling up for Ripple Labs (XRP), as the international payments project secures a Singapore licence on the same day the Securities and Exchange Commission’s (SEC) appeal is thrown out of court. The news comes on the back of July’s landmark court ruling where US Judge Analisa Torres determined that XRP tokens were not an “unregistered security” and therefore did not violate securities laws. 

What Does the Licence Entail?

While the focus remains on the US regulatory body’s ongoing tussle with XRP, the cryptocurrency securing a Singaporean financial licence might be just as significant. The nation’s central bank, The MAS, approved XRP’s payments licence on Wednesday. Simply, the move will allow Ripple Labs to continue operating in the region and provide clients – retail or institutional – with access to the blockchain company’s various financial services. The Ripple project is geared toward servicing international clients, so acquiring global regulatory approval is a massive step toward widespread adoption.

It’s worth noting that, while much is being made about XRP’s messy relationship with regulatory frameworks in the United States, the company said that “over 90% of Ripple’s business is outside of the U.S.”.

Singapore as a Hub for Crypto Innovation

Since China’s ban on cryptocurrency in 2021, governments in the Asia-Pacific region have been scrambling to replace the nation as the economic hub for digital currency. While Japan has been quite progressive with its crypto policies of late, Singapore appears to be the clubhouse leader at this stage. The regulatory body governing crypto in the country underwent a significant overhaul in 2020 and began allowing more international businesses to start operating within Singapore. For example, Coinbase, another of the SEC’s 2023 targets, also secured a licence to operate as a digital payments provider in Singapore earlier this week. 

Ripple CEO, Brad Garlinghouse, spoke to Singapore’s emergence as a crypto haven: “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”