Ripple Receives Official Green Light for Singapore Payments License

In a significant development, Ripple has announced that it has obtained a comprehensive license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), enabling it to function as a major payments institution within the country. This official approval follows the in-principle consent granted to Ripple back in June, allowing the company to continue its operations in Singapore.

Ripple’s local entity, Ripple Markets APAC Pte Ltd, has been granted the full license, marking a pivotal moment for the company’s presence in the region. Brad Garlinghouse, Ripple’s CEO, expressed his enthusiasm about this achievement, emphasizing Singapore’s position as a leading fintech and digital asset hub. He highlighted how Singapore has successfully struck a balance between fostering innovation, ensuring consumer protection, and promoting responsible growth.

Singapore has been a significant location for Ripple since 2017, serving as the headquarters for its Asia Pacific operations. Garlinghouse acknowledged the instrumental role Singapore has played in Ripple’s global business landscape.

Notably, Ripple disclosed that a substantial portion of its business, more than 90%, occurs outside the United States. With this newly acquired license, Ripple intends to continue prioritizing the Asia Pacific region for the adoption of its crypto-backed products, showcasing the company’s commitment to expanding its footprint in the region.

This licensing milestone in Singapore places Ripple among a select group of entities granted similar licenses by MAS, including the local branches of prominent cryptocurrency exchanges such as Coinbase, Independent Reserve, and Blockchain.com.

This achievement for Ripple coincides with another positive development earlier in the day. In the United States, the judge presiding over the Securities and Exchange Commission’s lawsuit against Ripple rejected the regulator’s motion to file an interlocutory appeal in the case. These positive outcomes mark significant progress for Ripple, both in legal battles and in securing its operational foothold in key global markets.

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