Ripple said it received a license from Singapore’s central bank to operate as a major payment institution, allowing it to continue operating in the country after receiving an in-principle approval in June.
In a blog post on Oct. 4, the company said that its local entity, Ripple Markets APAC Pte Ltd, has received a full license from the Monetary Authority of Singapore (MAS).
It's official: Ripple is now fully licensed to provide digital payment token services in Singapore at @MAS_sg! Ripple is committed to providing real-world crypto solutions to businesses in Asia Pacific. Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023
"Singapore has emerged as one of the leading fintech and digital asset hubs, balancing innovation, consumer protection and responsible growth," Ripple CEO Brad Garlinghouse said in a statement.
Garlinghouse said Singapore, home to the company’s Asia-Pacific headquarters since 2017, is “critical to Ripple’s global operations.”
The license allows Ripple to provide digital payment token services. It joins a list of 14 other companies that MAS has granted the same license to, including crypto exchange Coinbase, Independent Reserve and the local branch of Blockchain.com.
Author: Deepchain DCNews
Compiled by: Sister Shen
Twitter: DeepChain
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