As Ripple Labs and its executive faces regulatory compliance challenges in the United States, the Monetary Authority of Singapore (MAS) grants an In-Principle Approval of the Major Payments Institution License to the blockchain firm. However, Ripple’s Legal head has a tip for the bears regarding regulatory clearance.
Ripple To Lead Crypto Industry?
Stuart Alderoty, Chief Legal Officer at Ripple mentioned that the Central Bank of Singapore has been able to build a workable framework to provide consumer protection, market integrity, and innovation, all together. The authority defined a direct taxonomy in its framework to classify and regulate digital assets. He added that these clear guidelines have helped crypto firms like Ripple to offer compliant products for users unlike in the U.S.
Ripple Legal Chief targeted bears and their projected sentiments in the industry. He highlighted that regulatory clarity is the only thing that will help the crypto utility to move ahead to present real-world use cases.
This major development for Ripple landed in when its legal battle with the U.S. Securities and Exchange Commission (SEC) is heading toward the much anticipated Summary Judgement. However, the recent release of the infamous Hinman Ethereum speech linked documents made the XRP lawsuit more compelling.
Singapore Is The Key?
Monica Long, President of Ripple stated that obtaining licenses in jurisdictions like Singapore is the Key. This will lead RippleNet to grow into a platform with regulated services including settlement and liquidity. She highlighted that APAC is a huge market for the blockchain firm as ODL volume through Singapore jumped over 5 times year on year in 2022.
Brad Garlinghouse, Ripple CEO noted that Singapore is becoming a major global financial center. However, they are proud to gain the license. To date, less the 20 in-principle approvals have granted to crypto firms by the MAS.
