Ripple Secures Full Digital Payment Token License from Singapore’s Central Bank.
SINGAPORE — October 4, 2023 — Ripple has announced that it has been granted a fully-fledged digital payment token license by the Monetary Authority of Singapore (MAS). This license enables the company to operate as a major payment institution in Singapore, cementing its position in one of the world’s leading fintech and digital asset hubs.
In addition, Ripple’s local entity, Ripple Markets APAC, received the full license from MAS after obtaining in-principle approval in June. This milestone is a testament to Singapore’s commitment to fostering innovation while ensuring consumer protection and responsible growth in the digital payment sector.
Ripple CEO Perspective
Brad Garlinghouse, CEO of Ripple, expressed his enthusiasm, saying,
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth.”
Additionally, he noted that Singapore has been the home of Ripple’s Asia Pacific headquarters since 2017 and has played a pivotal role in the company’s global operations.
Strong Presence in Singapore and Global Expansion Plans
The United States-based company emphasized that over 90% of its business operates outside the United States. Moreover, with this new license, the company aims to prioritize the Asia Pacific region for the adoption of its crypto-backed products, capitalizing on the region’s growing interest in digital payment tokens.
This licensing milestone allows the network to provide digital payment token services in Singapore. Ripple joins an exclusive list of 14 entities that have received a similar license from MAS, including local branches of renowned crypto exchanges such as Coinbase, Independent Reserve, and Blockchain.com.
Ripple Future Prospects and Impact on The Broader Crypto Landscape
Today’s news marks a double win for Ripple, as earlier in the day, a U.S. judge presiding over the Securities and Exchange Commission’s (SEC) lawsuit against the company rejected the regulator’s motion to file an interlocutory appeal in the case. Moreover, this development provides further clarity and momentum for Ripple in its ongoing legal battle with the SEC.
Furthermore, with its new license from MAS, the company is poised to expand its presence in the Asia Pacific region and continue its mission to make global payments faster, more reliable, and accessible to all.
In the world of cryptocurrency, this Ripple news is likely to have a significant impact on Ripple price and the confidence of XRP holders in the platform.