Ripple, a prominent cryptocurrency company, made an important announcement on Wednesday 04 September 2023, solidifying its foothold in the dynamic landscape of the Asia-Pacific region.
The company disclosed that it has successfully obtained a full Ripple license to operate in Singapore, which has been its Asia-Pacific headquarters since 2017. This achievement marks a strategic leap towards bolstering its operations in a jurisdiction known for its progressive approach.
A Significant Move Forward Ripple License
Ripple CEO, Brad Garlinghouse, expressed his enthusiasm for this new milestone, stating, “We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”
Setting The Stage
This significant development follows less than four months after the Monetary Authority of Singapore granted an initial in-principle approval in June. Now armed with a full license, Ripple is poised to offer regulated crypto payment services in Singapore, underlining its commitment to compliance and customer security.
“Over 90% of Ripple business is outside the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest-growing regions,” the company stated. This highlights the strategic importance of this region for Ripple’s global expansion.
Commitment To The Region
Monica Long, president of Ripple, emphasized the rapid growth of their business within the Asia-Pacific region, revealing that the Singapore office’s headcount has more than doubled in the past year. This growth underscores the demand and potential for crypto services in this region.
Singapore: A Hub of Crypto Regulation
Singapore has emerged as a leading hub for cryptocurrency regulation in the Asia-Pacific region. The country’s Payment Services Act, in effect since January 2020, regulates payment services and the provision of crypto services to the public. The government has been proactive in ensuring customer protection and responsible growth in the crypto industry.
Brad Garlinghouse, commending Singapore’s role, stated, “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.” This showcases Ripple’s dedication to nurturing a collaborative relationship with regulatory authorities.
The success Ripple enjoys in Singapore stands in stark contrast to its challenges in the U.S., where it grapples with ongoing legal battles with the Securities and Exchange Commission (SEC). The regulatory clarity and supportive environment in Singapore offer a promising outlook for Ripple, which has been vocal about concerns regarding regulatory uncertainties in the U.S.
A Unified Industry Approach
Coinbase, a peer in the cryptocurrency industry, has also embraced Singapore as a promising jurisdiction. Recently, Coinbase proudly announced its major payment institution license acquisition, adding to the growing list of licensed firms offering crypto services in Singapore. This signals a unified industry push toward embracing favorable regulatory environments.