Ripple, through its Singapore subsidiary, has successfully obtained a major payments institution license from the Monetary Authority of Singapore, enabling it to continue offering digital payment token services in the rapidly expanding Asia-Pacific region. This marks a significant milestone for the company.
Ripple’s Positive Outlook on Singapore
Ripple CEO Brad Garlinghouse expressed enthusiasm for Singapore’s regulatory environment, stating that the country has emerged as a prominent fintech and digital asset hub. He emphasized Singapore’s ability to strike a balance between fostering innovation, safeguarding consumer interests, and promoting responsible growth. Ripple has maintained its Asia Pacific headquarters in Singapore for the past six years.
Ripple initially received preliminary approval in June, and now its subsidiary, Ripple Markets APAC Pte Ltd, has received formal licensing from the Monetary Authority of Singapore, solidifying its position in the region’s digital payment sector.
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Ripple’s Global Presence
Ripple highlighted that a significant portion, approximately 90%, of its business operations occur outside the United States. This underscores the company’s global footprint and its focus on serving international markets.
Ripple continues to navigate a legal battle with the U.S. Securities and Exchange Commission (SEC) concerning its operations within the United States. Notably, the company received another significant victory in this ongoing case when a federal judge rejected the SEC’s attempt to appeal. As a result, the dispute is moving closer to a final resolution, with an April trial on the horizon. This development signifies a pivotal moment in Ripple’s legal proceedings in the U.S. regulatory landscape.