Ripple Secures Major License for Asia-Pacific Crypto Domination

October 7, 2023 3:44 pm Comments

Ripple, a major player in the world of cryptocurrencies, has achieved a significant milestone by securing a major payments institution license in Singapore, marking a pivotal step in its strategy to expand its foothold in the thriving Asia-Pacific region.

This achievement follows closely on the heels of the Monetary Authority of Singapore’s (MAS) initial in-principle approval just four months ago. With this full license now in hand, Ripple is poised to continue providing regulated cryptocurrency payment services in Singapore, solidifying its presence in this dynamic market.

The strategic importance of this development cannot be overstated, as Ripple recognizes the Asia-Pacific region as a vital component of its global growth strategy.

CNBC reports:

Cryptocurrency company Ripple said on Wednesday that it has obtained a major payments institution license in Singapore, a strategic step toward growing its presence in the Asia-Pacific region.

The new development comes less than four months after the Monetary Authority of Singapore granted an initial in-principle approval in June.

With the full license, Ripple will continue to provide regulated crypto payment services in Singapore.

“Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions,” the company said.

Ripple said it will continue to prioritize the region for adoption of its crypto payment services.

Impressively, over 90% of Ripple’s business transactions occur beyond the borders of the United States, with the Asia-Pacific area emerging as one of its most rapidly expanding markets.

Ripple has reaffirmed its commitment to actively promoting its cryptocurrency payment services within this region, underlining its dedication to fostering growth and adoption.

Monica Long, the President of Ripple, has underscored the remarkable growth of the Singapore office over the past year, with the number of employees more than doubling.

This growth is attributed to the surging demand for Ripple’s services within the Asia-Pacific region, highlighting the company’s strategic focus on this area.

Singapore has garnered recognition as a leading regulator in the cryptocurrency space within the broader region.

The Payment Services Act, in effect since January 2020, governs payment services and cryptocurrency-related services offered to the public, with a strong emphasis on consumer protection and responsible growth in the cryptocurrency sector.

Brad Garlinghouse, CEO of Ripple, has lauded Singapore’s pivotal role as Ripple’s Asia-Pacific headquarters since 2017.

He expressed a firm commitment to further expanding Ripple’s presence in Singapore, a jurisdiction known for its progressive regulatory approach, which effectively balances innovation with consumer protection.

CoinDesk reports:

XRP bulls had a reason to cheer as the payments firm Ripple was granted a license to offer key services in Singapore and the Securities and Exchange Commission (SEC) lost a bid to appeal in the Ripple case.

Prices rose 5.3% before retreating in Asian afternoon hours Wednesday, with trading volumes spiking to $1.7 billion from Tuesday’s $900 million, CoinGecko data shows. At the time of writing, XRP was trading at 53 cents.

District Judge Analisa Torres said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion.

However, in contrast to its international successes, Ripple faces ongoing legal challenges in the United States, particularly involving the U.S. Securities and Exchange Commission (SEC).

In 2020, the SEC charged Ripple and its founders with the illegal sale of its native cryptocurrency XRP without prior SEC registration. A significant ruling in July determined that XRP may not necessarily be classified as a security.

Ripple’s successful acquisition of a major payments institution license in Singapore represents a significant leap forward in its global expansion strategy.

As the Asia-Pacific region continues to exhibit significant growth potential for cryptocurrency services, this achievement positions Ripple for further success in a region with progressive regulations and growing demand.

This development occurs against the backdrop of ongoing legal challenges in the United States, underscoring the importance of international diversification for cryptocurrency companies in an evolving regulatory landscape.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.