Ripple receives payment license in principle in Singapore US crypto exodus continues

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The move comes amid a massive crackdown on the digital asset industry in the United States.

On June 21, Ripple said it had received regulatory approval in principle to operate in Singapore.

The fintech has obtained a major payment institution license from the Monetary Authority of Singapore, the country’s central bank.

Ripple CEO Brad Garlinghouse commented on the positive approach the Asian island nation has taken towards crypto.

As a major global financial hub, Singapore has led the way in taking a pragmatic and innovation-driven approach to crypto,

Ripple pivots to Asia

The new license will enable Ripples Asia Pacific headquarters to offer digital payment token products and services. It will also allow the company to expand cross-border payments using its native XRP token.

Ripple has doubled its workforce at its Singapore office, which the company opened in 2017. The latest move is another pivot to Asia from a major US crypto firm as the screws tighten on the industry at the moment. House.

According to the company, 90% of its business is global, and Singapore is one of its fastest growing markets and tops the list for recruitment, the Straits Times reported.

Ripple added that it had seen unprecedented trading momentum. Around 60% of its global payments were made on RippleNet via On-Demand Liquidity (ODL) last year. Singapore’s ODL volumes grew fivefold last year, he added.

Stuart Alderoty, Chief Legal Officer of Ripples, said Singapore has been an early champion in developing a clear and workable regulatory framework for blockchain and crypto.

As the United States flounders, Ripple will continue to invest our time and resources in countries like Singapore,

Ripple is among several prominent US fintech companies considering moving overseas. These include Coinbase, Gemini, Galaxy Digital, and Paxo. Earlier this month, stablecoin issuer Circle obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

XRP Price Outlook

Native Ripples token, XRP, gained 3.6% on the day, the majority since the news broke a few hours ago.

XRP was trading at $0.515 at the time of writing, having gained 6.7% over the past week. However, it lagged behind Bitcoin and Ethereum in terms of weekly gains.

XRP is currently down 85% from its record price of $3.40 in January 2018, but a win against the SEC could drastically change that.

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