- Ripple announced on Wednesday that it has received a full license to operate in Singapore, where it has had its Asia Pacific headquarters since 2017.
- “We have hired exceptional talent and local leadership, doubled headcount over the past year and plan to further expand our presence in a progressive jurisdiction like Singapore,” CEO Brad Garlinghouse said in a statement.
- This comes as Ripple continues to battle with the US Securities and Exchange Commission over a lawsuit.
Ripple Labs Inc. CEO Brad Garlinghouse speaks during the Token2049 conference in Singapore on Wednesday, September 13, 2023.
Joseph Nair | Bloomberg | Getty Images
Cryptocurrency company Ripple announced on Wednesday that it has secured a major payments institution license in Singapore, a strategic move to expand its presence in the Asia-Pacific region.
The new development comes less than four months after the Monetary Authority of Singapore granted initial in-principle approval in June. With the full license, Ripple will continue to offer regulated crypto payment services in Singapore.
“Over 90% of Ripple’s business occurs outside the US, and Singapore – and to a greater extent Asia Pacific – is one of the fastest growing regions,” the company said.
Ripple said it would continue to prioritize the region in launching its crypto payment services.
Ripple President Monica Long told CNBC in an interview last month that the Singapore office’s headcount “has more than doubled in the last year because our business has really exploded in Asia Pacific.”
Singapore is a leader in cryptocurrency regulation in the region. The country’s Payment Services Law, which regulates payment services and the provision of crypto services to the public, has been in force since January 2020.
The city-state has also increased control of crypto firms. It required crypto service providers to hold their customers’ assets in a legal trust before the end of 2023. It also prevents such companies from facilitating lending or pledging of their retail customers’ assets.
“Since Singapore was established as the Asia Pacific headquarters in 2017, the country has been central to Ripple’s global business. “We have hired exceptional talent and local leaders… and plan to further expand our presence in a progressive jurisdiction like Singapore,” Ripple CEO Brad Garlinghouse said in a statement.
“Under MAS’s leadership, Singapore has emerged as one of the leading hubs for fintech and digital assets, balancing innovation, consumer protection and responsible growth,” said Garlinghouse.
The comment contrasts with Ripple’s situation in the US, where Ripple and Coinbase are embroiled in lawsuits with the Securities and Exchange Commission. The SEC filed charges against Ripple and its founders in 2020, alleging they illegally sold the native cryptocurrency XRP without first registering it with the SEC. But in July, a landmark ruling found that the token itself was not necessarily a security.
Coinbase, Ripple and other crypto firms have criticized the US for a lack of clarity on crypto rules and threatened to leave the country in response to the SEC’s actions.
Coinbase announced Monday that it has secured a major payments institution license in Singapore after receiving in-principle approval about a year ago. Ripple and Coinbase join more than a dozen companies licensed to offer crypto services in Singapore.