Global payments company Ripple has made headlines for the second time over the last 24 hours by deepening its establishment in Singapore. The blockchain firm has received a formal license to operate in the country as it expands its services in the Asia-Pacific (APAC).
Full License in Singapore
In June, Ripple secured in-principle approval from the Monetary Authority of Singapore (MAS) to operate in the country.
In its latest announcement, the payment company revealed that MAS has issued a Major Payment Institution (MPI) license to Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd. The license fully permits Ripple to provide “digital payment token services in Singapore.”
Ripple revealed that its mission is to situate its Singapore office as its headquarters in the APAC region. Ripple’s CEO Brad Garlinghouse stated that the company’s expansion to Singapore has contributed to its global growth.
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. [. . .] Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” he added.
Notably, other blockchain platforms have recently secured approval from the MAS. For example, the American crypto exchange Coinbase also bagged a full license from Singapore’s financial authority to operate fully in the country.
Ripple Gets Another Win Against the U.S. SEC
Meanwhile, Ripple’s initial appearance in the news in the past 24 hours revolved around a court win against the U.S. Securities and Exchange Commission (SEC). Ripple and the American regulatory agency have been in a legal tussle for around three years.
In July, the blockchain firm got a partial win against the SEC. Shortly after, the financial watchdog moved to appeal Ripple’s partial court victory. Yesterday, a federal court rejected the SEC’s appeal. However, the judge scheduled another court hearing on the matter for April 2024.
Impressively, Ripple’s native cryptocurrency, XRP, has seen a mild 4% increase after both news. The asset is currently traded at $0.53.
Source: CoinStats
