Ripple secures digital payments license in Singapore

In yet another win for blockchain technology company Ripple, it has received full approval for its license to operate as a Major Payments Institution (MPI) in Singapore.

This development comes on the heels of a recent ruling in the United States that denied the Securities and Exchange Commission (SEC) the ability to file an appeal against Ripple Labs’ win in July where the court declared Ripple’s XRP token not a security.

XRP is not a security.

This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.

A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.

— Ripple (@Ripple) July 13, 2023

Ripple operations in Singapore

Ripple, the company behind the cryptocurrency XRP, has obtained approval from the Monetary Authority of Singapore (MAS) to operate as a major payment institution in Singapore. The license was granted to Ripple’s Singapore-based subsidiary, Ripple Markets APAC Pte Ltd, building on provisional approval received earlier in June.

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

Singapore’s burgeoning fintech hub and its emphasis on innovation, consumer protection, and responsible growth make it an ideal location for Ripple’s operations.

Brad Garlinghouse, Ripple’s CEO, expressed his pride in this achievement and highlighted Singapore’s central role in the company’s global expansion plans. The company has considered Singapore as its Asia Pacific headquarters since 2017 and views the region as pivotal for promoting its crypto-backed products.

Ripple now joins a select group of 14 entities, including local branches of well-known crypto exchanges such as Coinbase, Independent Reserve, and Blockchain.com that have secured similar licenses from MAS. This license enables Ripple to provide digital payment token services in Singapore, further extending its footprint in the Asia Pacific region.

Following this news, the price of XRP surged by nearly 6%, underlining the significance of these legal developments for the cryptocurrency market. Ripple’s acquisition of the Singapore license and its wins in the legal battle against the SEC mark important milestones for the company as it continues to navigate the global regulatory landscape and expand its presence in key markets.