Ripple receives license from the Monetary Authority of Singapore
Ripple receives license from the Monetary Authority of Singapore
Cryptocurrency company Ripple announced that its Singapore unit, Ripple Markets APAC Pte Ltd, has been officially licensed by the Monetary Authority of Singapore as a major payment institution.
This is a significant achievement for Ripple, as the company conducts approximately 90% of its business outside of the United States.
The license will allow Ripple to offer regulated digital payment token services in Asia's fast-growing financial hub, Reuters reported.
It is worth noting that Ripple is one of the few companies licensed to provide digital payment token services in Singapore. Apart from that, the Singapore market also hosts giants such as Coinbase, Revolut, Blockchain.com, and a number of other companies.
The Monetary Authority of Singapore's main requirement is that companies applying for a license must have robust anti-money laundering measures in place.
"Singapore has become one of the leading hubs for financial technology and digital assets, striking a balance between innovation, client protection, and responsible growth," said Brad Garlinghouse, CEO of Ripple.
Earlier, we wrote about an online conflict that emerged between representatives of major cryptocommunities.
