Ripple Secures Full Approval for Singapore Payments License
Ripple, the popular blockchain technology provider, has recently obtained a full license from the Monetary Authority of Singapore (MAS) to operate as a major payment institution in Singapore. This approval comes after Ripple received in-principle approval in June, allowing them to continue their operations in the country.
According to a statement released by Ripple on October 4th, their local entity, Ripple Markets APAC, has been granted the full license, a significant milestone for the company. Ripple’s CEO, Brad Garlinghouse, expressed his pride in the team’s achievement, highlighting Singapore’s reputation as a leading fintech and digital asset hub.
Singapore has been a crucial location for Ripple’s business expansion, serving as their Asia Pacific headquarters since 2017. Garlinghouse mentioned that Singapore has played a pivotal role in Ripple’s global operations. With over 90% of Ripple’s business outside of the United States, prioritizing the Asia Pacific region is key to their growth strategy.
The Significance of the Singapore License
The license obtained by Ripple enables them to offer digital payment token services in Singapore. This puts Ripple in the company of 14 other entities, including the local branches of crypto exchanges like Coinbase, Independent Reserve, and Blockchain.com, that have received the same license from MAS.
To Ripple, this license represents an opportunity to expand their presence in the Asia Pacific region and drive the adoption of their crypto-backed products. Singapore’s favorable regulatory environment and commitment to balancing innovation, consumer protection, and responsible growth make it an ideal location for Ripple’s operations.
Positive Developments for Ripple
The approval of the Singapore payments license is not the only positive news for Ripple. On the same day, a U.S. judge overseeing the Securities and Exchange Commission’s (SEC) lawsuit against Ripple rejected the SEC’s motion to file an interlocutory appeal in the case. This indicates a favorable outcome for Ripple as they navigate the legal challenges presented by the SEC.
Ripple’s ability to secure the full license in Singapore and the legal victory over the SEC demonstrate the resilience and progress of the company. These developments contribute to Ripple’s reputation as a major player in the blockchain and cryptocurrency industry.
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