Blockchain payments firm Ripple has received a full license to operate as a major payment institution from the Monetary Authority of Singapore (MAS).
Ripple’s local entity, Ripple Markets APAC Pte Ltd, was granted the license after initial approval in June. CEO Brad Garlinghouse praised Singapore as a leading fintech and crypto hub that balances innovation and regulation.
Singapore has been home to Ripple’s Asia Pacific headquarters since 2017 and is critical to the company’s global business. Over 90% of Ripple’s business is outside the United States. Ripple will continue prioritizing Asia Pacific for adopting its crypto-based products.
The new license enables Ripple to provide digital token payment services in Singapore. Ripple joins 14 other companies, including oinbase">Coinbase, Independent Reserve, and Blockchain.com, in obtaining the major payments license from MAS.
The news comes after a U.S. judge rejected the SEC’s motion for an appeal in its lawsuit against Ripple. The Singapore license represents a major win for Ripple’s global expansion efforts beyond its regulatory issues in the United States.
