On Wednesday, Ripple announced that it has acquired a full license to operate in Singapore, which has served as the company's Asia-Pacific headquarters since 2017. Brad Garlinghouse, Ripple's CEO, commented in a statement, "We have recruited remarkable personnel and local leaders, our staff has doubled over the past year and we are looking forward to extending our presence in a forward-thinking jurisdiction such as Singapore." This news arrives as Ripple continues to battle the U.S. Securities and Exchange Commission in legal proceedings.
Ripple, a cryptocurrency company, said on Wednesday that it has received a major payments license from the Monetary Authority of Singapore. This milestone is seen as a significant step in expanding Ripple's presence in the Asia-Pacific region.The Singaporean regulatory approval was first granted in-principle in June. With the full license, Ripple can continue to provide regulated cryptocurrency payment services in Singapore.Ripple stated that Asia Pacific is one of its fastest growing regions, with 90% of their business outside of the United States. The company plans to prioritize the area for the adoption of its crypto payment services.Monica Long, president of Ripple, commented last month that their Singapore office has seen a major increase in staff, as their business within the Asia-Pacific region has experienced a huge surge.Singapore has been a leader in crypto regulation, with the Payment Services Act in effect since January 2020. This act establishes rules for the provision of crypto services to the public.
The city-state has also tightened its oversight of crypto firms. It demanded crypto service providers set up a statutory trust to safeguard customer assets no later than 2023. Additionally, it prohibited such firms from offering lending or staking services to their retail customers.
Brad Garlinghouse, CEO of Ripple, applauded Singapore's policies in a statement, saying that since establishing its Asia Pacific headquarters in 2017, the country has been instrumental to Ripple's growth, allowing them to employ talented people and build a strong local leadership team. Garlinghouse added that Singapore is a progressive region that has become one of the foremost hubs for fintech and digital assets, achieving a balance between progress, consumer protection, and responsible development.
The remarks stand in contrast with Ripple's situation in the U.S., where it and Coinbase are engaged in litigation with the Securities and Exchange Commission. In 2020, the SEC charged Ripple and its founders on the basis that they had sold XRP tokens without registering them with the SEC. Nonetheless, in July, a decision was made that the token did not qualify as a security.
Crypto firms Coinbase and Ripple have voiced their disappointment with the US for not providing clear regulation surrounding digital currencies, and have suggested a move out of the country may be on the horizon due to the Securities and Exchange Commission's (SEC) enforcement. In response, Coinbase revealed on Monday that their application to become a certified major payment institution in Singapore had been successfully approved sometime ago. Ripple is among the many other companies who have been issued a similar license, giving them the authority to offer crypto-related services in Singapore.
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