Ripple has gained regulatory approval for its digital payment token license from the Monetary Authority of Singapore (MAS).
Ripple announced on X (formerly known as Twitter) about their full-fledged license that was granted on Tuesday, allowing it to continue operations in Singapore. The approval follows in-principle approval given in June.
Ripple’s local entity, Ripple Markets APAC Pte Ltd, was the recipient of the license. In a statement, Ripple CEO Brad Garlinghouse expressed his pride in the team and lauded Singapore as a leading fintech and digital asset hub.
The U.S.-based firm noted that over 90% of its business is conducted outside of the U.S., with a focus on the Asia Pacific region for the adoption of its crypto-backed products.
Ripple joins 14 other entities, including the local branches of crypto exchanges Coinbase, Independent Reserve, and Blockchain.com, that have been granted the same license by the MAS.
This regulatory win comes on the same day a U.S. judge denied the SEC’s motion to file an interlocutory appeal in the ongoing lawsuit against Ripple.
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