March 27, 2024
Ripple Receives Formal Approval for Singapore Payments License
Latest Cryptocurrency News

Ripple Receives Formal Approval for Singapore Payments License

Ripple has secured a full license to operate as a major payment institution in Singapore, maintaining its operations in the country following in-principle approval granted in June.

In a statement released on October 4th, Ripple announced that its local entity, Ripple Markets APAC, has been granted a full license by the Monetary Authority of Singapore (MAS). Ripple’s CEO, Brad Garlinghouse, remarked in the statement, “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth.”

Garlinghouse highlighted Singapore as the home of the firm’s Asia Pacific headquarters since 2017, emphasizing that the country “has been pivotal to Ripple’s global business.”

The statement also underlined that over 90% of Ripple’s business operates outside of the United States, with a continued focus on the Asia Pacific region for the adoption of its crypto-backed products.

With the Singapore license in hand, Ripple is now authorized to offer digital payment token services. This achievement places Ripple among a select group of 14 other entities that have received the same license from MAS, including the local branches of crypto exchanges Coinbase, Independent Reserve, and Blockchain.com.

This positive development for Ripple was complemented by another piece of good news on the same day. A U.S. judge presiding over the Securities and Exchange Commission’s lawsuit against Ripple rejected the regulator’s motion to file an interlocutory appeal in the case.

Image by Freepik

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