Ripple Confirms That Their Singapore Licence Has Been Formally Approved

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Last Updated on October 4, 2023 by Bitfinsider

The Monetary Authority of Singapore has granted Ripple’s Singapore branch a licence as a significant payments institution, the business announced. This permits it to continue offering digital payment token services in the rapidly expanding region. In the previous eight hours, Ripple has received two pieces of positive news.

In a statement, Ripple CEO Brad Garlinghouse said, “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth.” The nation has served as the company’s Asia Pacific headquarters for the past six years.

Although Ripple received a preliminary permission in June, its formal licencing has now been gained through its subsidiary, Ripple Markets APAC Pte Ltd.

About 90% of the company’s business is done outside of the United States, according to a statement released on Tuesday. Regarding its ability to conduct business in the United States, Ripple has been at odds with the Securities and Exchange Commission (SEC). The SEC’s attempt to appeal the decision was rejected by a federal court on Tuesday, giving the business yet another key win in that case and moving the issue closer to a trial in April.

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