Cryptocurrency firm Ripple (XRP) has received regulatory approval to operate in Singapore.
Ripple said that it has been granted approval to set-up operations in Singapore by the country’s central bank.
The license it has received allows Ripple to offer regulated digital payment token products and services, and to expand cross-border transfers of its cryptocurrency XRP.
Ripple operates a blockchain network that facilitates real-time financial settlements and currency exchanges. Its main customers are banks and other financial institutions.
The San Francisco-based company has developed a leading interbank messaging service that enables financial institutions to communicate with each other across a blockchain network using distributed ledger technology that supports most cryptocurrencies.
Ripple has also developed a blockchain-based international messaging system called “RippleNet” that can facilitate transfers of funds between banks and aims to challenge the traditional global interbank messaging system known as “SWIFT.”
Ripple’s expansion into Singapore comes as the U.S. Securities and Exchange Commission has charged the crypto firm with conducting an illegal securities offering that raised more than $1.3 billion U.S. through sales of the XRP digital token.
Ripple denies the SEC allegations, claiming that XRP is a currency rather than a security that needs to be regulated.
Singapore is earning a reputation for being a crypto-friendly jurisdiction as regulators in the U.S. and Europe crackdown on digital coins and tokens, as well as blockchain companies.
XRP has risen 49% this year and currently trades at $0.50 U.S. per token.
