In a significant move, Ripple has acquired a major payments institution license in Singapore, bolstering its presence in the thriving Asia-Pacific region. The cryptocurrency company’s expansion into this progressive jurisdiction marks a pivotal step towards global prominence.
Singapore, long known for its leadership in crypto regulation, granted an initial in-principle approval just four months ago, and now, with the full license in hand, Ripple is set to provide regulated crypto payment services within the country.
With over 90% of its business conducted outside of the U.S., Ripple views the Asia-Pacific region as one of its fastest-growing markets. Monica Long, President of Ripple, highlights how the Singapore office has doubled its headcount in the past year, indicative of the burgeoning demand for Ripple’s crypto payment services in the region.
Singapore’s Payment Services Act, in effect since January 2020, plays a crucial role in the regulation of payment services and crypto provision to the public. The city-state has also increased scrutiny on crypto firms, ensuring the safekeeping of customer assets under a statutory trust by the end of 2023 and limiting lending and staking for retail customers’ assets.
Brad Garlinghouse, CEO of Ripple, expressed his commitment to Singapore as a strategic hub for Ripple’s Asia-Pacific operations, praising the country’s balance between innovation, consumer protection, and responsible growth under the leadership of the Monetary Authority of Singapore.
This development in Singapore stands in stark contrast to Ripple’s ongoing legal battles with the U.S. Securities and Exchange Commission (SEC). Ripple and Coinbase, both embroiled in lawsuits with the SEC, have criticized the lack of regulatory clarity in the U.S. Coinbase, too, recently obtained a major payment institution license in Singapore, reflecting the region’s attractiveness for crypto firms.
Ripple and Coinbase now join a growing list of over a dozen firms licensed to offer crypto services in Singapore, cementing the city-state’s status as a thriving fintech and digital asset hub in the global cryptocurrency landscape.
