- Ripple has obtained a payments institution license from the Monetary Authority of Singapore following its provisional award in June
- Ripple’s strong focus on the Asia-Pacific region for cryptocurrency payment services, where over 90% of its operations now occur, has yielded positive results
- Gaining a Singapore license enhances Ripple’s credibility and paves the way for institutional adoption
Ripple announced on Wednesday that it has formally secured a payments institution license from the Monetary Authority of Singapore (MAS), marking a strategic move to expand its footprint in the Asia-Pacific region. The awarding of this license follows the initial in-principle approval which was granted in June and will allow Ripple to continue offering regulated crypto payment services in the country. On the same day, the SEC’s appeal regarding its recent legal loss against Ripple, concerning the classification of XRP as a security, was dismissed, marking a very good day for the company.
Ripple’s Asia-Pacific Focus Paying Off
Ripple has placed a strong emphasis on the Asia-Pacific region for the adoption of its cryptocurrency payment services instead of its US home, evidenced by the fact that more than 90% of its operations now occur outside the United States. Monica Long, President of Ripple, highlighted the rapid growth of the Singapore office and its increased headcount over the past year, indicating the success of its business in the area.
The gaining of a Singapore license will give the company a huge boost in terms of credibility and will open it up to institutional adoption.
Garlinghouse Extols Virtues of Singapore
In a statement, Brad Garlinghouse, CEO of Ripple, expressed the company’s commitment to Singapore, noting the country’s role as Ripple’s Asia-Pacific headquarters since 2017:
Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership … and plan to continue growing our presence in a progressive jurisdiction like Singapore. Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.
Singapore has been at the forefront of crypto regulation in the region, with its Payment Services Act regulating payment and crypto services since January 2020. The country has also increased oversight on crypto firms, mandating the safekeeping of customer assets under statutory trust by the end of 2023 and imposing restrictions on lending or staking of retail customers’ assets.
