Cryptocurrency firm Ripple said on Wednesday its Singapore subsidiary has secured a payments license to operate in the city-state without transaction thresholds.
The licence, granted by the Monetary Authority of Singapore (MAS), will allow Ripple to provide regulated digital payment token services. It had received initial approval in June.
It is one of 14 companies that are licensed to offer digital payment token services in Singapore. Others include the Singapore arm of Coinbase, the world’s largest listed crypto exchange, as well as the Singapore units of Britain’s Revolut and London-based Blockchain.com.
The MAS, Singapore’s central bank and financial regulator, has said it only grants licenses to cryptocurrency firms if they have robust anti-money laundering controls and that most applicants have not been successful.
Based in San Francisco, Ripple said over 90% of its business is outside of the US, with Singapore- and to a larger degree Asia-Pacific being one of the firm’s fastest-growing regions.
Ripple, a leading provider of blockchain-based payment solutions, has secured a full payments license from the Monetary Authority of Singapore (MAS) to operate as a major payment institution in Singapore without transaction thresholds.
This is a significant milestone for Ripple, as it demonstrates the MAS’s willingness to support the development of the cryptocurrency industry in Singapore. It also indicates that Ripple has met the MAS’s high standards for anti-money laundering controls and financial regulation.
Ripple has stated that it intends to use its new license to expand its operations in the Asia Pacific region, which is one of its fastest-growing markets. The company already has a strong presence in the region, with offices in Singapore, Sydney, Tokyo, and Mumbai.
Ripple’s Singapore license gives the company several advantages. First, it allows Ripple to operate under the MAS’s regulatory oversight, which gives customers confidence in the company’s legitimacy and trustworthiness. Second, the license allows Ripple to provide its services to a wider range of customers, including businesses and individuals in Singapore. Third, the license gives Ripple access to Singapore’s financial infrastructure, which will make it easier for customers to use Ripple’s products.
Ripple’s success in Singapore is a positive sign for the cryptocurrency industry as a whole. It shows that regulators are starting to come around to the idea of cryptocurrency as a legitimate payment method. It also suggests that Singapore is becoming a leading hub for cryptocurrency innovation.