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Ripple Says Singapore License Formally Approved
After a June in-principle approval, a subsidiary for Ripple has been granted its license by the Monetary Authority of Singapore.
Ripple’s Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore, the company said, allowing it to keep providing digital payment token services in the fast-growing region. It's the second piece of good news for Ripple in the past eight hours.
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” said Ripple CEO Brad Garlinghouse, in a statement, adding that the country has been the company’s Asia Pacific headquarters for six years.
STORY CONTINUES BELOW
Ripple was granted a preliminary approval in June, but now its Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing.
The company said in a statement Tuesday that it does about 90 percent of its business outside the U.S. Meanwhile, Ripple has been fighting with the U.S. Securities and Exchange Commission (SEC) over its right to operate there. The company won another significant victory in that case on Tuesday, when a federal judge ruled against the SEC’s effort to appeal, so the matter is heading toward a final showdown in an April trial.
Read More: Ripple Obtains In-Principle Approval for Major Payments Institution License in Singapore
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
