Ripple’s Singaporean arm has secured a license as a major payments institution from the Monetary Authority of Singapore.
This comes as Ripple continues to be involved in a legal battle with the US SEC.
Ripple Obtains Singaporean License
Blockchain company Ripple has announced that its Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore. This latest development means that Ripple will keep providing digital payment token services in the fast-growing region.
This news comes a few hours after Ripple scored another victory in its legal battle with the US SEC.
While commenting on this latest development, Ripple CEO Brad Garlinghouse said,
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”
He added that Singapore has been Ripple’s Asia Pacific headquarters for six years. The company was initially granted preliminary approval in June, but the Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing.
Ripple added that 90% of its business is conducted outside the United States. The company has been in a legal battle with the SEC over its right to operate in the United States. Ripple scored another after a federal judge ruled against the SEC’s effort to appeal on Tuesday. Its native XRP is up by 4% in the last 24 hours and is now trading at $0.5297.