XRP recently gained ground after the Monetary Authority of Singapore (MAS) granted the cryptocurrency a payment services license. The license allows Ripple, the company behind XRP, to offer cross-border payments and remittance services.
The approval comes after a long and tumultuous journey, which began when the U.S. Securities and Exchange Commission (SEC) rejected Ripple’s application for a securities license in December 2020. Ripple appealed this decision and, after months of deliberation, won the case in the Singapore court.
This approval is a significant victory for Ripple and XRP, as it marks the first time a major financial regulator has granted a cryptocurrency a payment service license. The MAS license means that Ripple can now offer its services to customers in Singapore, as well as to customers in other countries that recognize the value of its payment services.
Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growthBrad Garlinghouse, CEO Ripple
The approval is likely to have a positive effect on the price of XRP, as it now has the backing of a major financial regulator and the potential for increased adoption and usage. This could lead to an increase in demand for XRP, which could in turn lead to higher prices.
In addition to the MAS license, Ripple has also been granted licenses in some other countries, including the United Kingdom and Japan. This further strengthens Ripple’s legitimacy and could lead to more widespread adoption of its services in the near future.
All in all, the MAS approval is a major milestone for Ripple and XRP and could have a positive effect on the cryptocurrency’s price in the short to medium term. It is a strong indication that financial regulators are beginning to recognize the potential of cryptocurrencies and the services they provide, and that these services are becoming increasingly accepted in the mainstream.