Ripple has announced that it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing the company to provide regulated digital asset payment services in the country. This license is also seen as crucial for strengthening Ripple’s presence in the region and enabling Singaporean users to access crypto assets in a secure and regulated manner.
SEC’s Request to Appeal the Ripple Decision Denied
Earlier today, another positive development came in favor of Ripple. District Judge Analisa Torres rejected the request by the United States Securities and Exchange Commission (SEC) to appeal the decision regarding Ripple Labs. She argued that the SEC did not provide sufficient grounds or controlling legal questions for their appeal.
Judge Torres also mentioned that the litigation between Ripple and the SEC would continue, with the next hearing scheduled for April 23, 2024. However, both parties were instructed to submit pretrial documents by the end of the year.
Ripple Announces Focus on Asia Pacific Despite Being US-Based
Lastly, Ripple stated that despite being based in the United States, a significant portion of its business operates outside the country, and it will continue to focus on the Asia Pacific region. Additionally, Ripple noted that Singapore continues to attract attention with its transparent regulations and support for crypto companies.
“Singapore has become one of the leading fintech and digital asset centers that strikes a balance between innovation, consumer protection, and responsible growth.”Ripple CEO Brad Garlinghouse