Key takeaways:
- The Central Bank of Singapore has granted Ripple a full license to operate as a major payment institution, allowing it to continue its activities.
- Singapore has been the Asia Pacific headquarters of the company since 2017, according to Garlinghouse.
The Central Bank of Singapore has granted Ripple a full license to operate as a major payments institution, allowing it to continue its activities there after getting in-principle clearance in June.
The Monetary Authority of Singapore (MAS) has granted Ripple Markets APAC Pte Ltd., the business’s local affiliate, the complete license, according to a statement released by the company on October 4.
Singapore has emerged as one of the top fintech and digital asset centers, achieving the balance between innovation, consumer safety, and responsible growth’, said Ripple CEO Brad Garlinghouse in the release.
Singapore has been the Asia Pacific headquarters of the company since 2017, according to Garlinghouse, and the nation “has been pivotal to Ripple’s global business.”
In a statement, the American corporation Ripple said that more than 90% of its business is conducted abroad and that it will continue to give priority to the Asia Pacific region for the adoption of its cryptocurrency-backed solutions.
Ripple is able to offer services for digital payment tokens thanks to the Singapore license. It joins a group of 14 other businesses that have received the same license from MAS, including the local branches of cryptocurrency exchanges Blockchain[.]com, Independent Reserve, and Coinbase.
For Ripple, it’s the second positive development of the day. The Securities and Exchange Commission’s attempt to file an interlocutory appeal in the case was earlier denied by the American court overseeing the Securities and Exchange Commission’s lawsuit against Ripple.
Yesterday, Sygnum Singapore was granted a license to provide institutions and accredited investors in Singapore with cryptocurrency brokerage services.
In accordance with the provisions of its capital markets services license, Sygnum Singapore received preliminary regulatory clearance in March 2022 to offer three additional regulated services. Intentions to extend the company’s regulated service to Asia-Pacific (APAC) markets, including Hong Kong, were also made public.
