SINGAPORE (Reuters) – Cryptocurrency firm Ripple announced on Wednesday that its Singapore subsidiary has obtained a payments license from the Monetary Authority of Singapore (MAS) to operate in the city-state without transaction thresholds. This license enables Ripple to provide regulated digital payment token services, following its initial approval in June.
Ripple is now one of 14 companies licensed to offer digital payment token services in Singapore. Notable competitors in this space include the Singaporean branch of Coinbase, the world’s largest listed crypto exchange, as well as the Singapore units of UK-based Revolut and London’s Blockchain.com.
The MAS has a strict vetting process for cryptocurrency companies, granting licenses only to those with robust anti-money laundering controls. As a result, most applicants have been unsuccessful in obtaining a license. However, Ripple’s compliance measures have met the MAS’s requirements, paving the way for its approval.
Ripple, headquartered in San Francisco, revealed that more than 90% of its business comes from outside the United States. Singapore, along with the wider Asia-Pacific region, serves as one of the company’s fastest-growing markets.
As the cryptocurrency industry continues to expand globally, regulations and licenses play a crucial role in ensuring consumer protection and mitigating financial risks. By obtaining a payments license in Singapore, Ripple demonstrates its commitment to operating within the framework of established regulatory guidelines.
“This license is an important step in our ongoing efforts to create a safe and secure environment for consumers to access digital payment services,” a spokesperson from Ripple stated.
Ripple’s entry into the Singaporean market strengthens the city-state’s position as a major fintech hub in Southeast Asia. Its growing presence also contributes to Singapore’s goal of becoming a global leader in blockchain technology and digital asset management.
The cryptocurrency market in Singapore is expected to continue flourishing, attracting more industry players who are seeking a reliable and regulated environment to conduct business operations.
Reporting by Rae Wee; Editing by Edwina Gibbs
Credit: The Star : Tech Feed
