Ripple Labs’ CEO praises Singapore’s approach to crypto assets as the company secures approval to operate in the nation.
According to a press release, Ripple has received an in-principle payments license from the Monetary Authority of Singapore (MAS), which permits the firm to provide digital asset services in the country.
Brad Garlinghouse, the CEO of Ripple, commends Singapore’s innovative and practical regulatory framework for crypto assets.
“As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud Ripple is one of a handful of firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services!”
Garlinghouse elaborates on his stance in the press release, saying that the MAS has established clear and apt guidelines for the digital asset industry.
“The MAS continues to be a global leader in establishing clear rules of the road to recognize the innovation and real-world utility of digital assets, and its benefits to the global financial system.”
He continued and stated the following:
“We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore.”
According to Ripple, Singapore was chosen as a destination to do business because of its booming crypto economy, which the firm described as having a “monumental growth trajectory.”
Ripple in the news
According to the latest reports, it seems that Ripple chief executive Brad Garlinghouse slammed the U.S. Securities and Exchange Commission (SEC) this week following the public release of long-awaited documents in the company’s ongoing legal battle with the regulator.
It has been just revealed the fact that there are some documents that involve internal SEC deliberations regarding a speech delivered by former SEC official William Hinman in 2018 when he stated in his official capacity that he believed both Bitcoin (BTC) and Ethereum (ETH) are not securities.
It has been revealed the fact that after years of legal squabbling over their release, those internal emails between SEC officials related to the speech have now been made public.
It is also important to note the fact that these indicate Hinman may have ignored warnings from SEC colleagues that his speech contained inconsistencies or confusion.
Garlinghouse criticized Hinman and said that the SEC has “weaponized” the lack of regulatory clarity in the years since his speech.