Ripple has announced that it has been granted a full license to operate as a major payments institution in Singapore. Singapore’s central bank, the Monetary Authority of Singapore (MAS), granted the license to Ripple Markets APAC Pte Ltd, Ripple’s local entity, after giving it in-principle approval in June. Ripple CEO Brad Garlinghouse praised Singapore as one of the leading fintech and digital asset hubs, highlighting its commitment to innovation, consumer protection, and responsible growth. The license allows Ripple to provide digital payment token services and reinforces the company’s focus on the Asia Pacific region.
Garlinghouse emphasized Singapore’s significance to Ripple’s global business, with its Asia Pacific headquarters established in the country since 2017. Over 90% of Ripple’s business is conducted outside of the United States, and the company will continue to prioritize the adoption of its crypto-backed products in the Asia Pacific. The license places Ripple alongside 14 other entities that have received the same license from MAS, including the local arms of popular crypto exchanges such as Coinbase, Independent Reserve, and Blockchain.com. This news comes as a boost for Ripple, as it follows a U.S. judge’s rejection of the Securities and Exchange Commission’s motion to file an interlocutory appeal against Ripple in an ongoing legal battle.
Ripple’s license approval in Singapore is a significant milestone for the company, as it enables the continuation of its operations in the country and underscores its commitment to expanding its presence in the Asia Pacific region. With Singapore being a prominent fintech and digital asset hub, the license solidifies Ripple’s position as a major player in the crypto industry. The global nature of Ripple’s business, with the majority conducted outside the United States, demonstrates the company’s focus on international growth, and the license allows it to offer its digital payment token services in Singapore. Furthermore, the approval aligns Ripple with other major players in the industry, further enhancing its reputation and position in the market.
