Further, the Mercury FX, that claims to have declared using the technology from the Philippines and Mexico, states its own answer, aided from the XRP token, will empower cheap cross-border remittances. Along with Ripple, the company also shows it is going to likely be partnering using Valr (a neighborhood crypto market ) towards this aim.
But, as found by a announcement issued by IFWG, Mercury FX’s approval into’sandbox doesn’t imply a change in a company’s licensing status or sign tacit or implied approval of this service or product under consideration.
The IFWG announcement also shares information of these functioning parameters to that Mercury FX will adhere to. The announcement reads:
Mercury is analyzing the regulatory therapy, and related regulatory coverage consequences and duties, of crypto resources (namely XRP) used for effecting low-value cross-border remittances involving South Africa and the uk and vice versa.
The IFWG adds that in the conclusion of testing, which might last half a year ‘the insights obtained should offer clarity on the way such invention can be treated by a regulatory standpoint later on, therefore fostering regulatory certainty’
As stated by the IFWG, a number of 52 applications were obtained through the program window to the Sandbox which closed on 15 May 2020. But, just six software got the nod along with five of them are blockchain along with crypto-related options.
In the other five, Xapo Technologies, like Mercury FX, are also analyzing that the regulatory treatment of XRP to get low-value cross-border remittances involving South Africa and the united kingdom. On the flip side, Centbee will probably be’analyzing the regulatory treatment of crypto resources (namely BTC and BSV) to get low-value cross-border remittances involving South Africa and Ghana and vice versa’