The RippleNet payment solution will be able to operate in Singapore without obtaining a license until the end of July - so decidedlocal regulator.
Monetary Authority of Singapore (MAS) inJanuary 2020 adopted a new Law on Payment Services, which obligated cryptocurrency companies to obtain a license. However, Ripple and several other cryptocurrency companies have been allowed to operate without obtaining a license. Ripple will be able to provide its services without a license until July 28, 2020.
“Ripple and XRP are gaining more and more trust fromtheir international payment solutions and will be able to operate in Singapore without obtaining a license. This was our company’s reward for fast and secure payments,” emphasized Ajeesh Sadanand, CTO of SBI Ripple Asia.
XRP coin showed one of the worst resultsamong the 25 largest cryptocurrencies by capitalization in the first quarter of 2020. If in February 1 XRP cost $ 0.33, today the coin is trading at $ 0.18. However, XRP is still the third largest cryptocurrency by capitalization.
It was recently reported that a Thai companyAzimo has partnered with Thailand's oldest bank, Siam Commercial Bank (SCB), to enable instant payments from Europe to Thailand using RippleNet.
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