Ripple Secures Full Operating License in Singapore Amid Ongoing Legal Battle
Cryptocurrency company Ripple announced on Wednesday that it has successfully obtained a full license to operate in Singapore, marking a significant milestone in its efforts to expand its presence in the Asia-Pacific region. Ripple has been headquartered in Singapore since 2017 and has seen substantial growth in the region.
The Monetary Authority of Singapore had granted an initial in-principle approval to Ripple in June, and now with the full license, Ripple can continue offering regulated crypto payment services in Singapore. This move is part of Ripple’s strategy to prioritize the Asia-Pacific region for the adoption of its crypto payment services.
“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,” stated the company. Ripple’s CEO, Brad Garlinghouse, expressed his confidence in Singapore as a progressive jurisdiction, saying, “We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence.”
Ripple’s decision to establish its Asia-Pacific headquarters in Singapore in 2017 has proven to be pivotal to the company’s global business. Singapore has emerged as a leading fintech and digital asset hub, striking the right balance between innovation, consumer protection, and responsible growth, as emphasized by Garlinghouse.
While Ripple celebrates its achievements in Singapore, it continues to face a legal battle with the U.S. Securities and Exchange Commission (SEC). Last year, the SEC charged Ripple and its founders, alleging the illegal sale of its native cryptocurrency XRP without proper registration. However, a landmark ruling in July determined that XRP was not necessarily a security. Ripple, along with Coinbase and other crypto firms, have criticized the lack of clarity around crypto regulations in the U.S. and have threatened to relocate in response to the SEC’s crackdown.
In the meantime, Coinbase, one of Ripple’s counterparts, also announced that it has obtained a major payment institution license in Singapore, following in-principle approval received a year ago. Singapore has led regulatory efforts in the crypto space, with the Payment Services Act in effect since January 2020 and increased scrutiny on crypto firms.
With both Ripple and Coinbase joining more than a dozen licensed crypto service providers in Singapore, the country solidifies its position as a leading hub for crypto innovation and regulation in the Asia-Pacific region.