Ripple has announced that it has obtained a full-fledged license from the Central Bank of Singapore to operate as a major payment institution and will be able to continue operating in the country even after receiving in-principle approval in June.
October 4 statementThe company announced that its local subsidiary Ripple Markets APAC Pte Ltd has been granted a full license by the Monetary Authority of Singapore (MAS).
I’m incredibly proud of my team @Ripple – just 4(!) months after receiving in-principle approval from @MAS_sghas now fully secured a major payment institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
“Singapore has evolved into one of the leading hubs for fintech and digital assets, balancing innovation, consumer protection and responsible growth,” Ripple CEO Brad Garlinghouse said in a statement. ” he said.
Garlinghouse said Singapore has been home to the company’s Asia-Pacific headquarters since 2017, and the country “plays a vital role in Ripple’s global business.”
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US-based Ripple said in a statement that more than 90% of its business is conducted outside the country, and that the company will continue to prioritize the Asia-Pacific region in the adoption of crypto-backed products.
The Singapore license will allow Ripple to offer digital payment token services. it is, list The 14 other companies granted the same license by MAS include cryptocurrency exchanges Coinbase, Independent Reserve, and the local arm of Blockchain.com.
This is the second piece of good news for Ripple on the same day. Earlier, the US judge overseeing the Securities and Exchange Commission’s case against Ripple rejected the regulator’s request for an interlocutory appeal of the case.
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