Ripple firm has obtained a digital payment token license from the MAS agency.
Ripple, headquartered in San Francisco, offers cross-border payment services. In Singapore, it operates through its subsidiary, Ripple Markets APAC Pte Ltd.
On 4 Oct 2023, Ripple announced that it has been granted a full license to offer digital payment token (DPT) services by Singapore’s financial regulator and central bank, Monetary Authority of Singapore (MAS).
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
The Ripple CEO, Brad Garlinghouse, praised Ripple’s role in driving digital finance innovations in Singapore. He emphasized Singapore’s position as a leading fintech and cryptocurrency hub that balances customer protection with regulated growth in the sector.
Currently, there are 14 companies holding DPT licenses in Singapore, with Ripple being the newest addition.
Just a few days ago, Coinbase crypto exchange also obtained a license from MAS to serve institutional clients in Singapore. With this license, Coinbase Singapore is now able to offer services to both retail and institutional investors.
It is worth noting that both Coinbase and Ripple have been increasing their presence in non-US countries in recent years. Coinbase, in particular, has shown a strong interest in non-US jurisdictions due to the challenging regulatory environment in the US.
Ripple, SEC, & XRP
Ripple utilizes the XRP coin, a crypto token running on the Proof-of-Stake (PoS) blockchain network XRPL developed by Ripple Labs, for its cross-border payment services.
Since December 2020, Ripple has been involved in legal disputes with the United States Securities and Exchange Commission (SEC) regarding the nature of XRP. However, in July of this year, a court ruled that XRP was not a security. The SEC has filed a motion to challenge this ruling.
Today, the court rejected the SEC’s motion, marking a significant victory for Ripple against the SEC.
Read also: XRP coin pumping, as court judge rejects SEC’s motion to appeal Ripple (XRP) court ruling