- Ripple Labs scores regulatory green light to offer digital payment services in Singapore.
- The company will offer digital payment token services through its Singapore subsidiary, Ripple Markets APAC Pte Ltd.
- Brad Garlinghouse said Singapore’s legal clarity on digital assets made it an ideal choice for the company.
On October 3, digital payment service company Ripple Labs announced that it had secured an operational license in Singapore, an official statement disclosed. The company will operate through its subsidiary Ripple Markets APAC Pte Ltd. in offering these digital payment token services to Singaporean users.
In particular, Ripple acquired the Major Payments Institution (MPI) license issued by the country’s Monetary Authority of Singapore (MAS). Earlier in the year, the company secured an in-principle approval from the regulator.
According to Ripple Labs CEO Brad Garlinghouse, the license is a major win for the company as it steadies itself in the country. Since 2017, Singapore has served as Ripple’s Asia Pacific Headquarters and has been pivotal to the company’s growth.
While announcing the development on X (formerly Twitter), Garlinghouse praised the Ripple team for their efforts. Garlinghouse said the company plans to grow its presence in Singapore. He continued that the country has become a leading digital asset and fintech hub.
Furthermore, Garlinghouse mentioned that regulatory clarity around digital assets made the country a good choice for Ripple. While taking a jab at countries restricting crypto activities, he said Singapore is doing the opposite by supporting the growth of technological innovations.
“Singapore is known as a leader in pioneering digital asset regulation, making it an ideal location for businesses and financial institutions to harness the power of crypto for cross-border payments, crypto liquidity, and central bank digital currencies,” the company said in the statement.
The recent announcement mirrors the several milestones Ripple has scored following the Judge Analisa Torres ruling. While the company clarified that the SEC lawsuit only disturbed its operations in the U.S., there is no doubt that the partial victory has helped boost its business elsewhere.
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