Ripple (XRP) conquers Singapore: a major breakthrough in Asia Pacific!

The Monetary Authority of Singapore (MAS) has granted Ripple approval in principle to operate in Singapore. The license will allow the blockchain company to operate in the city-state. For Ripple, this is an opportunity to better establish itself in the Asia Pacific region.

Beginning of the conquest of the Asia Pacific market

Ripple recently obtained regulatory approval in principle to operate in Singapore. The license granted by MAS will allow it to provide regulated digital payment products and services in this area. Ripple is well on its way to fostering the use of cryptocurrency-based payments in Singapore and across the Asia Pacific region. Ripple can thus continue its expansion in Asia thanks to its Singaporean branch, Ripple Markets APAC Pte Ltd.

Brad Garlinghouse, CEO of Ripple, has Express his immense pride in receiving a license in principle from the MAS. This reaffirms Ripple’s commitment to the region and its proactive collaboration with regulators globally, he added. Ripple’s customers across Asia Pacific have seen massive growth in 2022. In fact, the number of employees in Ripple’s Singapore branch has doubled to meet growing demand.

Singapore, the eldorado of crypto businesses

To date, the Monetary Authority of Singapore (MAS) has granted less than 20 endorsement licenses to crypto companies. Progressive regulators like the MAS will pave the way for future global regulation of crypto businesses. For Ripple, this regulatory approval will better support customers seeking a more inclusive and borderless financial system.

While many countries are hostile to cryptos, it is quite different from Singapore. It shows early leadership in developing a clear taxonomy and licensing framework. Singapore has long been at the forefront of digital asset innovation. Other companies like Circle, Crypto.com or even Gemini have already obtained a license in this city-state.