Ripple approved as a major payment organization in Singapore

Today, the company announced that it was able to obtain final permission for a license to become a large payment organization. It was issued by the Monetary Authority of Singapore, the national Central Bank and the regulator.

What is known about the license

The issuer of the XRP coin said that thanks to the license, the local unit will be able to provide regulated products. He was also allowed to provide services for digital payment tokens. Additionally, users of the platform will be able to expand their interaction with liquidity according to ODL, where cryptocurrency will be supported. It should be noted that over the past year it has increased 5 times.

Stu Alderoti, the company's chief legal officer, said that the company is pleased with Singapore's long-term vision regarding cryptocurrencies. Due to the licensing system, they were able to develop an accurate taxonomy for cryptocurrencies. This made it possible to balance the importance of protecting the interests of users and the integrity of the crypto market. It also gives a start to the development of innovation and investment.

The company also added that the Singapore branch had increased its staff by 50%. At the moment, 50 employees are engaged in hiring additional specialists in key areas. This concerns business development. Compliance with regulatory standards, finance, legal issues and sales.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.