Ripple, a prominent player in the cryptocurrency and blockchain industry, has achieved a significant milestone by obtaining formal approval for a major payments institution license in Singapore. This achievement follows Ripple’s initial in-principle approval granted in June and highlights the company’s commitment to expanding its operations in the region.
The Monetary Authority of Singapore (MAS), Singapore’s central bank, has officially granted the full license to Ripple’s local entity, Ripple Markets APAC Pte Ltd. This development underscores the importance of regulatory compliance and responsible growth in the rapidly evolving fintech and digital asset landscape. Ripple’s CEO, Brad Garlinghouse, expressed his enthusiasm for Singapore’s role as a leading fintech and digital asset hub, emphasizing the delicate balance it strikes between fostering innovation, safeguarding consumers, and supporting the industry’s sustainable development.
Singapore holds a special place in Ripple’s global footprint, serving as the location for its Asia Pacific headquarters since 2017. Garlinghouse noted that Singapore has played a pivotal role in Ripple’s global business endeavors, further solidifying the company’s commitment to the region.
Ripple’s license in Singapore grants it the authority to provide digital payment token services, a crucial step in expanding its reach and offering innovative solutions to customers in the country. It’s worth noting that Ripple is now part of a select group of entities that have received similar licenses from MAS. This group includes local branches of renowned cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com, signifying the growing recognition of digital assets within Singapore’s regulatory framework.
This development coincided with another positive outcome for Ripple on the same day. In the United States, the judge presiding over the Securities and Exchange Commission’s (SEC) lawsuit against Ripple rejected the regulator’s motion to file an interlocutory appeal in the ongoing legal case. This legal development is seen as a favorable turn of events for Ripple as it navigates regulatory challenges in its home country.
Ripple’s journey in Singapore serves as a testament to the company’s commitment to driving innovation and fostering responsible growth in the cryptocurrency and blockchain industry, not only in Asia but also globally. As over 90% of Ripple’s business takes place beyond U.S. borders, the company continues to prioritize the Asia Pacific region for the adoption and expansion of its crypto-backed products and services.