Ripple's Major Milestone in Singapore
Ripple announced today that it has secured a comprehensive license to function as a major player in the payments sector, sanctioned by Singapore's central banking authority. This endorsement solidifies its ability to sustain operations within the country, following the provisional approval granted back in June.
In the press release dated October 4th, the organization clarified that Ripple Markets APAC Pte Ltd, its local subsidiary, has been officially granted the license by the Monetary Authority of Singapore (MAS).
Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
CEO of Ripple, Brad Garlinghouse, emphasized in the communication, "Singapore has evolved into a prominent fintech and digital asset center, effectively managing the delicate equilibrium between pioneering advancements, safeguarding consumer interests, and promoting sustainable development."
He added that Singapore has housed Ripple's Asia Pacific headquarters since 2017 and has been a pivotal element in the company's global business landscape.
Furthermore, the statement highlighted that over 90% of Ripple's operations are conducted beyond the borders of the United States. The company has committed to prioritize the Asia Pacific region for the integration and widespread adoption of its cryptocurrency-backed products.
With this Singaporean license, Ripple gains authorization to deliver digital payment token services. This places them in a group of 14 other entities who have been accorded a similar license by MAS, including local branches of prominent crypto exchanges like Coinbase, Independent Reserve, and Blockchain.com.
Interestingly, this marks the second positive development for Ripple within the same day. Earlier, a U.S. judge presiding over the Securities and Exchange Commission's legal battle against Ripple rejected the regulator's attempt to file an interim appeal in the ongoing case.
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