Ripple Receives In-Principle Major Payment Institution License in Singapore

Blockchain company Ripple said Thursday it received in-principle regulatory approval to operate in Singapore, in a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States.

Ripple said that it was granted in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country's central bank.

The license will allow Ripple to offer regulated digital payment token products and services and expand the cross-border transfers of XRP, a cryptocurrency the company is closely associated with, among its customers, which are banks and financial institutions.

The Securities and Exchange Commission charged Ripple, co-founder Christian Larsen and CEO Brad Garlinghouse with conducting an illegal securities offering that raised more than $1.3 billion through sales of XRP.

Ripple denies the SEC allegations, contending that XRP is a currency rather than a security that would be subject to strict rules.

Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.

A majority of Ripple’s global on-demand liquidity transactions flow through Singapore, which serves as the company’s regional Asia-Pacific headquarters, Ripple said.

Ripple has doubled its headcount in Singapore over the past year across key functions including business development, compliance, and finance, and plans to continue increasing its presence there.

(Source: CNBC)