Ripple secures major payment license in Singapore

Investors in XRP found themselves on edge this week as the ongoing SEC v Ripple case remained shrouded in silence, providing no new updates to alleviate their concerns. The lack of any court rulings left the investment community in a state of nervous uncertainty, with hopes of a potential settlement dashed by the release of long-awaited documents related to the William Hinman speech.

However, amid investor jitters, there was a glimmer of positive news for Ripple and its loyal XRP Army. On Thursday, the Monetary Authority of Singapore (MAS) granted Ripple an in-principal approval for a Major Payments Institution License. This significant development marked a noteworthy milestone for Ripple’s operations in Singapore.

Ripple CEO Brad Garlinghouse wasted no time in sharing the exciting news. In a statement, he expressed his pride in Ripple’s achievement, stating, “As a major global financial centre, Singapore has led the way in adopting a pragmatic, innovation-first approach to cryptocurrencies. We are incredibly proud that Ripple is among a select group of fewer than 20 firms to receive in-principal approval for a MAS MPI license for digital payment token services!”

This regulatory approval from the MAS strengthens Ripple’s position as a key player in the digital payments space, offering increased credibility and expanding its potential to provide secure and efficient cross-border payment solutions.

Despite the prevailing uncertainty surrounding the SEC v Ripple case, XRP managed to make modest gains on Saturday morning, climbing by 1.41% to reach a price of $0.49365.