Ripple Granted Preliminary Regulatory Permission in Singapore for Blockchain-based Payments

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The Monetary Authority of Singapore (MAS) has granted preliminary regulatory permission to blockchain-based payments company Ripple to provide token products and digital asset payments in the city-state. With the authorization, Ripple Markets Asia Pacific will be able to develop its On-Demand Liquidity (ODL) platform, which enables users to send and receive XRP globally without using banks as middlemen. Brad Garlinghouse, CEO of Ripple, acknowledged Singapore’s innovative, practical approach to cryptocurrency-related businesses as well as its early vision of creating a precise taxonomy and licensing structure. With this permission, Ripple’s client base will grow. It also hopes to assist forward-thinking users in creating a more open and global financial system. The legal staff at Ripple has encountered legal difficulties in the US. SEC since December 2020, following a lawsuit against the business for marketing XRP as an unregistered security. In the upcoming months, a decision is anticipated. Along with other regional banks and financial institutions worldwide, Ripple has worked with the central banks of Montenegro and Thailand.

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The Financial Markets Authority (AMF) of France has authorized CACEIS Bank, the asset servicing division of Crédit Agricole and Santander, to offer cryptocurrency custody services. The bank joins other traditional financial companies like Forge and AXA Investment Managers in receiving recognition under one of Europe’s most sophisticated crypto regulations, MiCA. The bank provides asset managers such as insurers, pension funds, and private equity. CACEIS is in charge of 4.6 trillion euros ($5.1 trillion) in assets, and it has been rumored since 2021 that it will apply for regulatory status for cryptocurrencies. For anyone offering cryptocurrency custody, exchange, or trading services in France, registration with the AMF is required. For anyone offering cryptocurrency custody, exchange, or trading services in France, registration with the AMF is required. This action comes after BlackRock filed an exchange-traded fund that is tied to bitcoin values, and Deutsche Bank declared that it was looking into getting a crypto custody license in Germany. Despite requests from the European Central Bank for banks to retain considerable amounts of precautionary capital for investments it deems dangerous, the regulator’s study released in February found that crypto activity and exposures were “insignificant.”

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