Ripple Labs Wins Singapore Payment Licence

Updated: 04 October 2023

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Ripple Labs Inc. became the latest crypto firm to be granted a Major Payments Institution (MPI) licence by the Monetary Authority of Singapore.

Ripple joins firms including stablecoin issuer Circle and Coinbase as a holder of the licence. It allows them to offer digital asset token services in the country legally.

“While some countries are pumping the brakes on crypto innovation, Singapore is staying well ahead of the curve by future-proofing for the inevitable,” Ripple said in a statement on its website. “Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business.

Ripple announced that its Singapore subsidiary has secured its full MPI license to provide digital payment token services in Singapore, “While some countries are pumping the brakes on crypto innovation, Singapore is staying well ahead of the curve by future-proofing for the…

— Wu Blockchain (@WuBlockchain) October 4, 2023

Ripple Labs To Continue Focus On Asia-Pacific Region

Due to a regulatory crackdown in the US, Ripple is strongly focusing on off-shore initiatives, and Asia is one of the world’s fastest-growing regions. It said payments across Asia Pacific will continue to trend increasingly digital with cashless transaction volume set to increase 109% by 2025. It said 90% of Ripple’s business is now taking place outside of the US.

Singapore Achieves Balance Between Consumer Protection and Innovation

Singapore has become a major crypto hub and a target market for numerous companies in the crypto industry. Ripple wrote that Singapore is among the earliest leaders in establishing a flexible and forward-looking regulatory framework for digital payment tokens (DPTs) on a global level.

This was primarily possible because of its Payment Services Act, which allowed it to create one of the world’s most vibrant ecosystems for digital asset innovation. Ripple’s CEO, Brad Garlinghouse said:

Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. 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.

He added that Singapore has developed into a leading fintech and digital asset hub under the Monetary Authority’s leadership. The MAS managed to find the balance between consumer protection, innovation, and responsible growth — something that many other regulators have managed to achieve only partially, Ripple said.