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Ripple Secures The Monetary Authority of Singapore License

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Today, October 4, the blockchain payment exchange Ripple Labs announced that it has secured the digital asset license from MAS (Monetary Authority of Singapore).

This new MPI (Major Payments Institution) license will allow Ripple to provide regulated digital assets token services in Singapore.

Ripple Labs jubilated as it received the 2nd piece of good news in the last 8 hours.

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Following the June in-principle approval by the regulators, a branch of Ripple has obtained a MAS license to offer regulated digital assets tokens services.

According to Brad Garlinghouse, Ripple’s CEO, back in 2017, Ripple established its Asia Pacific Headquarters in Singapore to broaden its global presence.

After that, it employed local leadership and exceptional talents. Also, it increased its numerical strength and continued increasing awareness in a progressive region like Singapore.

All its efforts are now yielding the expected outcome.

Fast Facts

  • The new license Ripple obtained only applies to its Singapore arm, Ripple Markets APAC Pte Ltd. As a result, the XRP issuer has become one of the major Web3 firms that have secured the MAS MPI license.
  • According to Ripple’s CEO, Singapore has become the leading fintech and digital assets hub, which provides a balance between responsible growth, consumer protection, and innovation due to the leadership of the MAS.
  • Through Garlighouse’s speech, it is very clear that Ripple prioritised crypto usage in the Asia Pacific jurisdiction. Moreover, the region is a fast-growing one.
  • Thus, it is unsurprising that Ripple, one of the top exchanges in the cryptocurrency world, will undertake new moves and initiatives to target the region.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin is at $27,607.47, with a slight rise in market cap by 0.10% and a decline in trading volume by 28.96%.

Ethereum, on the other hand, is trading at $1,649.68, with a drop in market cap by 26.67%.

  • Meanwhile, XRP is presently selling at $0.5336, with an increase in market cap by 4.90% and an increase in trading volume by 93.35%.
  • Tether USDT, on the other hand, is right at the moment traded at $0.9999, with a slight increase in market cap by 0.03% and a drop in trading volume by 13.43%.
  • BNB is currently selling at $212.85, with a decline in market cap by 1.16% and a decline in trading volume by 10.94%.
  • USD Coin is at this period, trading at $1.00, with a slight increase in market cap by 0.01% and a drop in trading volume by 28.81%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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