Ripple Gets In-Principle Regulatory Approval to Conduct Its Operations in Singapore
Ripple Labs has recently introduced its CBDC payments and transactions network. The firm has been touted as the layer to work with the banks for a long time. However, Ripple has finally started to convert its plans into fruition after a long struggle with financial struggle with SEC.
Ripple has recently received a green light from the regulators in Singapore to get a practice license. The firm has maintained that with the recent venture, the government of Singapore is set to undertake massive benefits.
Local media outlets have reported that the Monetary Authority of Singapore or MAS has recently approved an application for licensing filed by Ripple Labs. To this end, Brad Garlinghouse has told the media that Ripple is taking a pragmatic and innovative approach to cultivating its cryptocurrency sector.
He also maintained that he feels proud to become one of the few firms in the region that have managed to acquire an MPI or Major Payments Institution license. Meanwhile, Ripple also shared its aim to become the cross-border payments solution provider across the Asia-pacific region.
Singapore to Regulate Crypto Sector
Ripple has maintained that it appreciates the efforts of its Central Bank concerning its innovative approach to regulating the local crypto sector. The firm also stated that the project will be an important turning point in the history of the nation to change its approach towards digital assets.
Ripple has also talked about the continued growth and expansion plans within Singapore and shared an aim to expand to all the APAC areas. It is worth noting that MAS issues three types of payment service licenses namely Standard Payment, Major Payment, and Money-Changing institutions.
An MPI-licensed enterprise can keep operating in the country without having any daily/monthly limits. Among other requirements, MAS applicants must also provide proof of being a properly regulated enterprise. However, Ripple Labs have managed to acquire the said license while its legal battle with the SEC of the USA is ongoing.
The approval of the Singaporean MPI license could be an indicator that the Ripple vs. SEC lawsuit is concluding sooner than later. At the heel of the rummage, XRP the native currency issued primarily by Ripple Labs is up 5.7% during the last week fairing currently at $0.5272 per unit.
The upper house of the UK Parliament has granted cryptocurrencies the status of regulated assets in the form of a new bill. The bill is titled the Financial Services and Markets Bill. This bill is seen as an effort by the country to recognize cryptocurrencies as a regulated entity.
The bill was formally presented on 20th July last year and it has finally gotten approval from the House of Lords reaching one step closer to becoming the law.
One of the important aspects of the bill in question is regulating stablecoins following national payment regulations. However, during the parliamentary scrutiny process, the bill added several amendments to start treating cryptocurrencies as regulated entities. It was created during the post-Brexit era as part of the financial service sector reformation.
The bill is also concerned with dealing with the buy now and pay layer business model to grant greater protection to the end user. At the same time, the bill has added provisions to compensate the victims of Authorized Push Payment or AAP scams.
