Blockchain company Ripple said Thursday it received in-principle regulatory approval to operate in Singapore, in a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States.
Ripple said that it was granted in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country's central bank.
But Ripple also operates a blockchain-based international messaging system called RippleNet to facilitate massive transfers of funds between banks and other financial institutions, similar to the global interbank messaging system SWIFT.
Ripple denies the SEC allegations, contending that XRP is a currency rather than a security that would be subject to strict rules.
Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.
Persons:
Brad Garlinghouse, Ripple, Christian Larsen
Organizations:
Monetary Authority of, The Securities, Exchange Commission, SEC
Locations:
Austin , Texas, Singapore, United States, Monetary Authority of Singapore, San Francisco, XRP