Ripple’s Singapore unit has officially received approval for a Major Payment institution license from the Monetary Authority of Singapore (MAS).
“This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets,” Ripple said in a statement.
While Ripple had received preliminary approval in June, its subsidiary, Ripple Markets APAC Pte Ltd, has now secured formal licensing. According to a statement released on Tuesday, approximately 90 percent of Ripple’s business occurs outside the United States.
Ripple’s CEO Brad Garlinghouse in an X post said, “Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore.”
Meanwhile, in the Ripple Vs. SEC case, Judge Analisa Torres has turned down the Securities and Exchange Commission’s (SEC) attempt to secure certification for an interlocutory appeal in its legal dispute with Ripple, stating that the SEC failed to show how the appeal would significantly expedite the ultimate resolution of the litigation.
In an order issued on Tuesday in the U.S. District Court for the Southern District of New York, Judge Torres stated, “For the reasons stated above, the SEC’s motion for certification of interlocutory appeal is DENIED, and the SEC’s request for a stay is DENIED as moot.”
A trial date of April 23, 2024, has been established, and both Ripple and the SEC are anticipated to submit pretrial documents by the end of the year. Judge Torres has instructed the legal counsels and parties involved to meet in person for at least one hour before the final pretrial conference to discuss the potential settlement of the case.
In August, the SEC sought interlocutory appeal certification in the U.S. District Court in the Southern District of New York, arguing that the court’s handling of the Ripple case could significantly impact other ongoing litigations, such as those involving the SEC and major crypto trading platforms like Binance and Coinbase.
