XRP Boost: Ripple License Exemption In Singapore

Ripple has been making headlines a lot this year, amidst the global crisis that the whole world is in.

The San Francisco-based company continues with the developments of its projects and still seals various deals.

The XRP digital asset has not been doing so great following the March crypto market crash, and at the moment of writing this article, XRP is trading in the red and the coin is priced at $0.184920.

Recently, MoneyMatch, a Malaysia-based company that enables small and medium-sized enterprises to send cross-border payments to their suppliers, unveiled that they are enjoying a 40% reduction in costs since they decided to join Ripple’s global payment network back in April 2018.

Ripple license exemption in Singapore

Ripple license exemption in Singapore is a really huge boost for Ripple’s XRP. The crypto has been making its inroads into the Asian market for a while but this move seems to have been triggered by user demand.

You may be aware of the fact that earlier this year, Singapore amended its digital money law that falls under the Payment Services Act (PSA) that supports Ripple license exemption. Ripple joins more platforms that have been exempted from holding permits.

Ripple and XRP enjoy massive trust

Ripple and XRP enjoy unwavering trust from the local crypto community, as the online publication Cryptopolitan wrote in their article.

It’s been also revealed that via unique products and fast settlements, they have been granted permission to operate in Singapore without a license.

It’s also important to mention the fact that the license exemption for Ripple will only last a few months.

It’s been reported that the platform will be exempted until July 28.

It’s also important to mention that the report does not say whether Ripple will continue to work in the country with a license after that, or if they will have to cease operations.


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CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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