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Ripple Labs and Coinbase, faced legal troubles by SEC, have managed to secure full licenses in Singapore. This past Sunday, Coinbase announced it had obtained the Major Payment Institution (MPI) license granted by Singapore Monetary Authority (MAS). This development grants Coinbase the authority to provide digital payment token services to both individual and institutional customers in Singapore. In recent years, Singapore has become the center for cryptocurrency activities in the Asian region, proving to be a crucially important area for Ripple Labs and Coinbase.
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In an official statement made from Coinbase Singapore, it was like, “As Coinbase Singapore, we are proud to announce our Major Payment Institution (MPI) license received from the Singapore Monetary Authority. This significant title, received after our Compliance with Principles Confirmation, demonstrates our strong commitment to the Singapore market. This license allows us to expand our authority to provide digital payment token services for individual and institutional investors.”
The Recent Activities of Ripple Labs and Coinbase in Singapore
Coinbase was the first to get the approval for this license in October 2022. (The data shows 32% of residents in Singapore have engaged in cryptocurrency transactions in the past.) Singapore is increasingly gaining importance as a central hub for activities related to cryptocurrencies. Besides, the recent actions of Coinbase and Ripple represent a significant step towards promoting global acceptance and integration of cryptocurrencies.
SEC accused Ripple Labs in December 2020 of unlawfully raising more than $1.3 billion through unregistered security offerings related to XRP and filed a lawsuit. In addition, the major Wall Street regulatory body opened a case against Coinbase in June 2023. The allegations was that the US-based company did not register as a securities exchange with the market regulatory authority.
These legal processes highlight the regulatory complexities brought about by the intersection of the cryptocurrency industry and traditional finance systems. As a result, obtaining this license from the Singapore Monetary Authority by Coinbase and Ripple Labs seems as a significant step towards more regulatory compliance and legitimacy in the global crypto landscape. It is anticipated that these developments will build more trust in the use of digital assets and contribute to their adoption not only in Singapore but globally.
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