The Supreme Court of Montenegro is postponing the extradition of disgraced Terra (LUNA) founder Do Kwon to South Korea. According to a new memo, the Supreme Court of Montenegro is overturning a previous ruling that greenlit the extradition process to send Kwon back to his homeland of South Korea where he is wanted for alleged […]
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An appellate court in Montenegro overturns an earlier ruling that approved the extradition of disgraced Terraform Labs founder Do Kwon to the United States. Kwon is facing criminal charges arising from the collapse of the stablecoin TerraUSD and cryptocurrency Luna that wiped out $40 billion worth of investor funds in 2022. In March last year, […]
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An appellate court in Montenegro is revoking the extradition of disgraced Terra (LUNA) founder Do Kwon to the US and has ordered a retrial. According to a new press release, an appeals court yesterday overturned the decision of the high court made late last year, which ruled that Kwon is to be extradited to both […]
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Disgraced Terraform Labs founder Do Kwon is reportedly asking a judge to delay the U.S. Securities and Exchange Commission’s (SEC) trial to March so he can make an appearance. In a new letter addressed to the court uncovered by Inner City Press, Kwon’s lawyers ask District Judge Jed S. Rakoff to postpone the trial until […]
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The extradition of disgraced Terra (LUNA) founder Do Kwon to the US and South Korea has been approved by a court in Montenegro. In a new press release, the Higher Court of Podgorica has ruled that the legal requirements needed for extraditing Kwon to the US and South Korea have been met. “It was established […]
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Ripple says the “in principle” approval will help scale its “On-Demand Liquidity,” the service it uses to source XRP liquidity to customers.
Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state.
Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. The approval will allow its subsidiary, Ripple Markets Asia Pacific, to further scale its On-Demand Liquidity. The ODL helps Ripple’s customers to move XRP around the world without the banks intervening as intermediaries.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL.
— Ripple (@Ripple) June 22, 2023
Learn more: https://t.co/8Ylc3lZSeg
The firm applied for the institutional payment license under Singapore’s Payment Service Act.
Ripple CEO Brad Garlinghouse praised the Singaporean regulator for its “pragmatic, innovation-first approach” to cryptocurrency-related services, adding that the country will provide a “prominent gateway” for Ripple’s business operations in the Asia Pacific region.
Ripple’s chief legal officer, Stu Alderoty, also noted that Singapore’s “early leadership” is paving the way for other regulators looking to develop a “clear taxonomy and licensing framework.”
1/ @MAS_sg has built a workable framework that truly unites consumer protection, market integrity and innovation. They’ve also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products. https://t.co/KLYzWRrST0
— Stuart Alderoty (@s_alderoty) June 22, 2023
Alderoty explained that the approval expands upon Ripple’s customer reach.
“This in-principle regulatory approval from the MAS will enable us to better support our forward-thinking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.”
In 2022, Ripple managed to double the number of employees in its Asia Pacific headquarters as its Singapore base experienced a majority share of ODL transactions flowing through the city-state.
The MAS released its own Purpose Bound Money white paper on June 21, which proposes standards for fintech firms providing digital money services in Singapore:
.@MAS_sg published a whitepaper proposing a common protocol to specify conditions for the use of digital money such as CBDCs, tokenised bank deposits, and stablecoins on a distributed ledger.
— MAS (@MAS_sg) June 21, 2023
READ: https://t.co/ZzY0OjOG1n
While Ripple’s path to compliance with Singapore came without much in the way of legal barriers, this hasn’t been the case elsewhere.
Ripple’s legal team has had their hands tied with the U.S. Securities Exchange Commission since December 2020 after the regulator sued them for allegedly offering XRP — the token that powers XRP Ledger — as an unregistered security.
A ruling is set to be made on the high-profile case in the coming months, according to Garlinghouse.
Related: Ripple vs. SEC: Could newly released documents tip the balance?
On June 15, Ripple partnered with Colombia’s central bank, Banco de la República, to pilot a central bank digital currency on its XRP Ledger.
The firm has also partnered with central banks in Montenegro and Thailand, in addition to many other regional banks and financial institutions around the world.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
The Terraform Labs co-founder is out on bail after a successful appeal in Montenegro but will be closely monitored until his next court appearance.
Terraform Labs co-founder Do Kwon has been granted bail in Montenegro after an appeals process by prosecutors was dismissed by a Montenegrin court on June 2.
According to an official release from the Basic Court in Podgorica, an appeal against an earlier bail agreement by the State Prosecutor’s Office was cast aside, allowing Kwon and Terraform Labs’ chief financial officer Han Chang-Joon to await further legal proceedings under house arrest in the country.
The court readopted bail terms originally set out in a hearing on May 12, with the pair having to pay 400,000 euros ($436,000) each to be released from custody. Kwon and Chang-Joon are now under strict bail terms and cannot leave the latter’s legal residence in Montenegro.
The pair are set to be closely monitored by local police. If either leaves the residence or violates supervision measures, the bail will be forfeited.
Kwon and Chang-Joon provided personal and financial information to local authorities, which included evidence of a sales contract and property registration for an apartment, parking space and basement owned by Chang-Joon.
Kwon reportedly supplied an invoice for a vehicle and bank accounts statements, with the bail terms set so that the defendants would be discouraged from attempting to flee the country.
Kwon and Chang-Joon were arrested in Montenegro in March 2023 after allegedly using false travel documents when trying to leave the country. The two had their original passports confiscated in South Korea in October 2022.
Related: Breaking: Terraform Labs co-founder Do Kwon reportedly arrested in Montenegro
The court noted that verifying the authenticity of Belgian passports and identity cards held by the pair would require more time and highlighted that the agreed-upon bail amount “is a sufficient guarantee of securing the presence of the defendants.”
Kwon remains a wanted figure in several jurisdictions. South Korean authorities want to extradite the Terraform Labs co-founder for investigations into the infamous collapse of the Terra ecosystem, which wiped out an estimated $40 billion from the cryptocurrency market in June 2022.
Interpol also issued a Red Notice for Kwon in relation to the charges in South Korea, while he also faces a raft of fraud charges in the United States.
Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?
Embattled Terra (LUNA) founder Do Kwon is reportedly having his bail conditions appealed by Montenegrin prosecutors. According to a new document released by Montenegrin authorities, an appeal has been filed by the State Prosecutor’s Office against the decision to let Kwon and his associate Han Chang-joon pay 400,000 euros ($435,000) to be let out on […]
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Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty. Court Grants Bail Request for Do Kwon, Puts Him Under […]
Troubled Terra (LUNA) founder Do Kwon is being placed under house arrest in Montenegro after posting bail. According to a new document released by Montenegrin authorities, Do Kwon and Han Chang-Joon, Terra’s former chief financial officer, have paid $435,000 each to post bail but will be forced to stay under house arrest until the end […]
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