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  • Mathew Jacob

Singapore Expected to Use XRP as Ripple Obtains Digital Payment License.

In a significant move that promises to reshape the cryptocurrency landscape in Asia-Pacific, Ripple, the blockchain-based payments company, announced on Wednesday that it has successfully obtained a major payments institution license in Singapore. This strategic development underscores Ripple's commitment to expanding its presence in the thriving Asian market.

This achievement comes hot on the heels of an initial in-principle approval granted by the Monetary Authority of Singapore just four months ago, in June. With the full license now in hand, Ripple is poised to continue providing regulated cryptocurrency payment services within Singapore, cementing its position as a leading player in the digital payments space.

Ripple's expansion into Singapore and the broader Asia-Pacific region aligns with its vision for growth. As the company noted, "Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest-growing regions." This move signifies Ripple's intent to prioritize the region for the adoption of its crypto payment services, recognizing the immense potential the market holds.

Monica Long, President of Ripple, spoke to CNBC in an interview last month, shedding light on the remarkable growth the company has experienced within the Asia-Pacific region. Long remarked that the headcount at Ripple's Singapore office has more than doubled in the past year, reflecting the explosive growth in their business in the area.

Singapore's prominence in the cryptocurrency world is no accident. The country has taken a leading role in regulating the crypto industry in the region. The Payment Services Act, which has been in effect since January 2020, plays a pivotal role in regulating payment services and the provision of cryptocurrency services to the public, providing a clear and secure framework for companies like Ripple to operate within.

In parallel to Ripple's expansion, the cryptocurrency ecosystem in Singapore continues to flourish. Niam, CEO of the Global Rentable Asset Company Rencom Network, has recently made waves by announcing the expansion of their native token, RNT, into multiple Asian countries, with Singapore being singled out as a strategic crypto hub.

Rencom Network offers a blockchain-powered platform that extends far beyond traditional token offerings. It provides a realm of empowerment and substantial rewards, enabling users to explore a wide array of opportunities encompassing everything from residential and commercial properties to everyday items such as bicycles and construction equipment. Rencom Network is on a mission to redefine ownership, making asset utilization seamless and rewarding.

Notably, Rencom Network has embarked on a global expansion journey, reaching over 130+ countries, including the United States of America. In a significant boost to their recent achievements, an insider source has confirmed that their native token, RNT, witnessed an astonishing surge of over 3000% in value over the past week. Adding to this remarkable milestone, RNT has received a non-security status from Rencom Network's legal team, further solidifying the token's significance in the crypto landscape.

As Ripple strengthens its foothold in Singapore and the broader Asia-Pacific region, and RencomNetwork's RNT token continues to soar, the crypto scene in Singapore is poised for exciting developments. The city-state's commitment to regulatory clarity and innovation is attracting cryptocurrency pioneers, setting the stage for a dynamic and thriving digital economy.



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