XRP obtains In-Principle approval from the Monetary Authority of Singapore (MAS).
This license empowers Ripple’s Singapore branch to provide regulated products and services related to digital payment tokens.
Renowned advocate for XRP, John E. Deaton, has expressed his viewpoint on Ripple’s recent achievement of obtaining In-Principle approval from the (MAS). Deaton acknowledged the significance of this news, highlighting that fewer than 20 companies have managed to secure this type of license.
Interestingly, Deaton observed that despite XRP being an integral part of Ripple’s licensed operations, the cryptocurrency’s price did not demonstrate any notable reaction to this development. He argued that since all XRP holders are connected to Ripple through a shared enterprise, one might expect the XRP price to respond to significant milestones achieved by the company. However, the price of XRP remained closely aligned with Bitcoin and the overall macroeconomic conditions, showing no distinct deviation.
Furthermore, Deaton addressed inquiries regarding the potential inclusion of XRP in On-Demand Liquidity (ODL) transactions under the MPI license. An Australian lawyer, Bill Morgan, had previously raised this question to Monica Long, Ripple’s president. Morgan proposed that not all ODL transactions necessarily involve XRP. In contrast, Deaton confirmed that the license would permit the utilization of XRP in such transactions.
Ripple Secures In-Principle Approval for Significant Payments Institution License in Singapore
In a recent announcement, Ripple disclosed that it had acquired in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), Singapore’s central bank and regulatory authority.
This license empowers Ripple’s Singapore branch to provide regulated products and services related to digital payment tokens while facilitating the expansion of its customers’ adoption of the crypto-enabled On-Demand Liquidity (ODL) platform. Remarkably, the ODL platform experienced a remarkable 5-fold growth in the country compared to the previous year.
According to Ripple, its Singapore office witnessed a 50% growth in headcount, resulting in a team of 50 full-time employees. This expansion encompassed various crucial departments, including business development, compliance, finance, legal, and sales, as the company intensified its operations in the country. Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that a significant reason behind this ramp-up is the opportunity for Ripple to participate in the flourishing licensed digital assets market in Singapore.
XRP Price Fluctuations
The price of XRP has displayed remarkable bullishness in recent weeks, experiencing a sharp rally that has surpassed longstanding obstacles. The recent period of consolidation has formed a bullish pattern, indicating a potential breakout rally on the horizon, much to the delight of Ripple enthusiasts.
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According to our data, XRP witnessed a surge from $0.50 to $0.52 during the early hours of yesterday. While it may seem that the announcement played a role in this price upswing, a closer examination of various cryptocurrencies reveals that they also experienced modest gains simultaneously.
The coin is trading at $0.49, exhibiting a 0.16% increase over the past 24 hours. The market capitalization stands at $26 billion, experiencing a 0.37% rise. The trading volume amounts to $1 billion. This recent development has raised questions among many regarding how the Securities and Exchange Commission (SEC) concluded that XRP investors are part of a shared enterprise with Ripple. It is important to note that the SEC made this assertion part of its case against Ripple.
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in-principle approval John E. Deaton Monetary Authority of Singapore (MAS) XRP news XRP price
