Ripple has received a full license to operate as a major payments institution from the Central Bank of Singapore, allowing it to continue operations there after receiving in-principle approval in June.
In a statement on October 4, the company said its local branch, Ripple Markets APAC, had received full license from the Monetary Authority of Singapore (MAS).
Incredibly proud of the team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sgWe have now secured a full license from a major payment institution for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
Ripple boss Brad Garlinghouse said in the statement: “Singapore has emerged as one of the leading hubs for fintech and digital assets, balancing innovation, consumer protection and responsible growth.”
Garlinghouse said Singapore has been the company’s Asia Pacific headquarters since 2017 and the country “has played a central role in Ripple’s global business.”
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In its statement, US-based Ripple said over 90% of its business takes place outside the country and that it will continue to prioritize the Asia Pacific region when launching its cryptocurrency-backed products.
The Singapore license allows Ripple to offer digital payment token services. It joins a list of 14 others that have received the same license from the MAS, including local branches of crypto exchanges Coinbase, Independent Reserve and Blockchain.com.
It is the second good news for Ripple of the day. Previously, the US judge presiding over the Securities and Exchange Commission’s lawsuit against Ripple rejected the regulator’s request for an interim appeal in the case.
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