Brad Garlinghouse, CEO of Ripple Labs Inc., delivered a speech at the Token2049 conference in Singapore on September 13, 2023.
Joseph Nair | Bloomberg | Getty Images
Cryptocurrency company Ripple has announced that it has successfully obtained a major payments institution license in Singapore, marking a significant move towards expanding its presence in the Asia-Pacific region.
This achievement comes just four months after the Monetary Authority of Singapore granted Ripple an initial in-principle approval in June. With this full license, Ripple will be able to offer regulated crypto payment services in Singapore.
“More than 90% of Ripple’s business takes place outside of the United States, and Singapore, as well as the wider Asia-Pacific region, represents one of our fastest-growing markets,” stated the company.
Ripple has also expressed its commitment to prioritizing the adoption of its crypto payment services in the region.
In an interview with CNBC last month, Monica Long, the President of Ripple, revealed that the headcount at the Singapore office has more than doubled in the past year due to the exponential growth of their business in the Asia-Pacific region.
Singapore has emerged as a leader in crypto regulation within the region. The country’s Payment Services Act, which governs payment services and the provision of crypto services to the public, has been in effect since January 2020.
The city-state of Singapore has also increased its oversight of crypto firms. It has mandated that crypto service providers safeguard customer assets through a statutory trust by the end of 2023. Additionally, it has imposed restrictions on these firms, preventing them from facilitating lending or staking of their retail customers’ assets.
Brad Garlinghouse, CEO of Ripple, commented, “Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has played a pivotal role in Ripple’s global business. We have attracted exceptional talent and local leadership… and we plan to further expand our presence in a progressive jurisdiction like Singapore.”
Garlinghouse added, “Under the leadership of MAS, Singapore has developed into one of the leading fintech and digital asset hubs, striking the perfect balance between innovation, consumer protection, and sustainable growth.”
These statements contrast with the ongoing legal battle that Ripple and Coinbase, another major crypto firm, are facing with the US Securities and Exchange Commission (SEC). In 2020, the SEC charged Ripple and its founders with illegally selling its native cryptocurrency XRP without proper registration. However, a landmark ruling in July concluded that XRP is not necessarily a security in and of itself.
Coinbase, Ripple, and other crypto companies have criticized the lack of regulatory clarity on cryptocurrencies in the United States and have even threatened to relocate their operations due to the SEC’s crackdown.
Coinbase recently revealed that it has secured a major payment institution license in Singapore, a year after obtaining in-principle approval. Ripple and Coinbase are now part of a group of more than a dozen licensed firms offering crypto services in Singapore.
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