Ripple has announced that it has obtained a full license to operate as a major payments institution in Singapore. The license, granted by Singapore’s central bank, the Monetary Authority of Singapore (MAS), allows Ripple to continue its operations in the country. This comes after the company received in-principle approval in June.
Ripple’s local entity, Ripple Markets APAC Pte Ltd, has been granted the full license, enabling the company to offer digital payment token services in Singapore. The license signifies Singapore’s recognition of Ripple’s compliance with regulations and its commitment to consumer protection.
The approval is a significant milestone for Ripple, as Singapore is a leading fintech and digital asset hub. Brad Garlinghouse, CEO of Ripple, praised Singapore’s approach to innovation, consumer protection, and responsible growth. He also highlighted the country’s importance to Ripple’s global operations, with its Asia Pacific headquarters located there since 2017.
Ripple’s business is primarily conducted outside the United States, and the company plans to prioritize the Asia Pacific region for the adoption of its crypto-backed products.
The Singapore license places Ripple among 14 other companies that have received the same license from MAS, including local branches of crypto exchanges Coinbase, Independent Reserve, and Blockchain.com.
In addition to the license approval, Ripple also received positive news in the form of a U.S. judge rejecting the Securities and Exchange Commission’s motion to file an interlocutory appeal in the ongoing legal case against Ripple.
Ripple has been granted a full license by the Monetary Authority of Singapore (MAS) to operate as a major payments institution in the country. The license allows Ripple to provide digital payment token services and reaffirms Singapore’s position as a fintech and digital asset hub. Ripple plans to prioritize the Asia Pacific region for the adoption of its crypto-backed products.
What is Ripple?
Ripple is a technology company that offers real-time gross settlement systems, currency exchange, and remittance services. It aims to enable fast and secure cross-border transactions using blockchain technology.
What does the Singapore license allow Ripple to do?
The Singapore license allows Ripple to provide digital payment token services in the country. This means that Ripple can offer its products and services related to cryptocurrencies and digital assets to customers in Singapore.
How significant is the approval for Ripple?
The approval is significant for Ripple as it solidifies its presence in Singapore and allows the company to continue its operations in the country. Singapore is known for its supportive regulatory environment for fintech and digital assets, making it an important market for Ripple’s global business.
How does the Singapore license benefit consumers?
The Singapore license indicates that Ripple has met the necessary regulatory requirements and complies with consumer protection measures. Consumers can have confidence in using Ripple’s digital payment token services, knowing that the company operates under the supervision of Singapore’s central bank.
Which other companies have received the same license in Singapore?
Along with Ripple, 14 other companies have obtained the same license from the Monetary Authority of Singapore (MAS). These companies include the local arms of crypto exchanges Coinbase, Independent Reserve, and Blockchain.com.