San Francisco-based blockchain firm Ripple has announced that it has received in-principle regulatory approval to operate in Singapore, marking a significant milestone in its expansion plans. The approval comes at a time when regulatory agencies in the United States are intensifying their scrutiny of cryptocurrency companies and threatening legal actions.
The Monetary Authority of Singapore (MAS) has granted Ripple a Major Payment Institution (MPI) License, following the approval of other players such as Circle and Crypto.com. This license allows Ripple to offer regulated digital payment token products and services in Singapore and facilitates the cross-border transfers of its native cryptocurrency, XRP. Additionally, the license enables Ripple to scale its on-demand liquidity (ODL) services and leverage its existing network, RippleNet, for efficient fund transfers. The company has also formed strategic partnerships over the past year to enhance its services.
Expressing his enthusiasm, Brad Garlinghouse, the CEO of Ripple, said,
“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”
Stu Alderoty, the Chief Legal Officer of Ripple, commended Singapore for pioneering regulatory frameworks for cryptocurrencies and attracting U.S.-based crypto businesses. As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, many companies in the crypto industry are turning to Singapore for its favorable regulatory environment.
Gemini and Ripple Lead the Charge in Expanding Opportunities Beyond the U.S.
Singapore’s growing appeal as a hub for U.S. businesses is evident with the entrance of other major players. Gemini, a prominent crypto platform led by the Winklevoss twins, has revealed its plans to expand in Singapore and the United Arab Emirates (UAE). Gemini aims to hire 100 new staff members for its Singapore office, highlighting the city-state’s strategic significance for diversifying growth opportunities beyond the U.S.
Joining Circle and Crypto.com, Ripple’s approval to operate in Singapore reinforces the country’s efforts to embrace innovation and position itself as a welcoming jurisdiction for crypto companies. This stands in contrast to the skepticism faced by the industry in the United States.
While celebrating this milestone, Ripple remains embroiled in its legal battle with the SEC over the classification of XRP as a security. The legal proceedings have resulted in substantial expenses, with estimates exceeding $200 million by the conclusion of the case.
Ripple’s approval in Singapore not only solidifies its presence in a significant currency corridor but also opens up opportunities to expand crypto-enabled payments across the Asia-Pacific region. To diversify its market reach and reduce reliance on the U.S., Ripple recently acquired Swiss crypto custody services firm Metaco.
As Ripple continues its global expansion, regulatory approvals in Singapore provide a promising avenue for growth in the dynamic and rapidly evolving world of cryptocurrencies.
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