Ripple proudly announced its attainment of a comprehensive digital payment tokens license granted by the Monetary Authority of Singapore. This milestone signifies Ripple’s achievement of a fully-fledged license, endorsing its position as a major payments institution sanctioned by Singapore’s central bank. This authorization paves the way for Ripple to continue its operations in the country, following the in-principle approval it received back in June.
In an official statement dated October 4th, the company conveyed that its local entity, Ripple Markets APAC Pte Ltd, had been granted the full license by the esteemed Monetary Authority of Singapore (MAS). Ripple’s CEO, Brad Garlinghouse, remarked in the statement, “Singapore has evolved into a prominent fintech and digital asset hub, successfully balancing innovation, safeguarding consumer interests, and nurturing responsible growth.”
Garlinghouse further highlighted that Singapore has been the nucleus of Ripple’s Asia Pacific operations since 2017, playing an instrumental role in driving Ripple’s global business forward.
The statement from Ripple, a United States-based entity, underscored that over 90% of its business extends beyond its home country, emphasizing the company’s commitment to prioritizing the Asia Pacific region for the adoption of its cryptocurrency-backed products.
With this Singaporean license in hand, Ripple is now empowered to deliver digital payment token services. It proudly joins a select group of 14 other entities granted the same prestigious license by MAS, including the local arms of notable cryptocurrency exchanges such as Coinbase, Independent Reserve, and Blockchain.com.
This day marked a double victory for Ripple. Earlier, a U.S. judge presiding over the Securities and Exchange Commission’s legal action against Ripple dismissed the regulator’s request for an interlocutory appeal in the case, reinforcing Ripple’s positive momentum.