Cryptocurrency company Ripple has announced that it has obtained a full license to operate in Singapore, solidifying its presence in the Asia-Pacific region. Ripple, which has been based in Singapore since 2017, plans to continue expanding in the country due to its progressive regulatory environment. The company has been experiencing significant growth in the Asia-Pacific region and sees Singapore as a key hub for its business. This development comes at a time when Ripple is engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC).
Ripple’s license acquisition in Singapore follows an initial in-principle approval granted by the Monetary Authority of Singapore just four months ago. With this full license, Ripple can continue to offer regulated crypto payment services in the country. The company sees Singapore as one of its fastest-growing regions, with over 90% of its business coming from outside the United States. Ripple remains committed to prioritizing the adoption of its crypto payment services in the Asia-Pacific region, where its Singapore office has seen a doubling of its headcount in the past year.
Singapore has been at the forefront of crypto regulation in the region and has implemented the Payment Services Act, which regulates payment services and the provision of crypto services to the public since January 2020. The country has also increased scrutiny on crypto firms, requiring them to safekeep customer assets under a statutory trust and restricting them from facilitating lending or staking of retail customers’ assets. Despite its challenges with the SEC in the United States, Ripple praises Singapore for its leadership in fintech and the balance it has struck between innovation, consumer protection, and responsible growth.
Coinbase, another major cryptocurrency firm, also announced that it has obtained a major payment institution license in Singapore. Coinciding with Ripple’s license acquisition, this demonstrates Singapore’s attractiveness as a hub for crypto companies. More than a dozen firms are licensed to provide crypto services in Singapore, and both Ripple and Coinbase have expressed frustration with the lack of clarity and regulatory uncertainty in the United States.
