Ripple can now operate in Singapore without a license

Ripple's payment solutions have gained popularity in recent days as more and more customers use these solutions to make quick payments worldwide. These solutions funds transfer have earned Ripple recognition from the US Congress, traditional banking institutions like the Bank of America and also the Monetary Authority of Singapore (MAS). According to SBI Technical Director Ripple Asia, Ripple has been allowed to operate in Singapore without a license due to its easier and faster money transfer solutions.

Ripple authorized to operate in Singapore without license for its RippleNet, a flawless and inviolable network

Singapore passed a new cryptocurrency law in January, known as the Payment Services Law (PSA). Ripple and a few other crypto companies have been exempt from this law since the start of 2020. In an April 14 tweet, Ajeesh Sadanand, technical director of SBI Ripple Asia, said that Ripple and XRP have won the Singapore's confidence thanks to their solutions efficient money transfer and that they are now allowed to operate in the country without a license. Mr. Sadanand further stated that the Singapore Monetary Authority essentially allowed Ripple to provide its services in Singapore without having to hold a license under PS law because of its “transparent and tamper-proof RippleNet”.

#Ripple & #XRP, gaining trust for their faster and easier remittance solutions, now allowed to operate in Singapore license-free.
In the latest. The Singapore Monetary Authority has granted license-free operations reward to #ripple for its seamless and tamperproof #RippleNet pic.twitter.com/LjESPZcJZ0

– Ajeesh Sadanand (@AjeeshSadanand) April 14, 2020

According to the official statement, Ripple will be allowed to operate in Singapore without a license until July 28, 2020. As mentioned above, Ripple payment solutions have been recognized by a number of people in the past. In February of this year, the American representative of the 6th district of Minnesota, Tom Emmer, mentioned Ripple and the XRP during a hearing at the Congress. Emmer was talking about projects that have shown a high level oftechnological innovation in the digital payments sector. More recently, a senior executive at Bank of America praised Ripple's ability to provide efficient, flawless service.