Ripple secures crypto payment license in Singapore

abdelaziz Fathi

Blockchain company Ripple has secured in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a major payments institution in the country. The approval enables the San Francisco-based fintech company to provide regulated digital payment token (DPT) products and solutions in Singapore.

With this regulatory approval, Ripple will be able to provide its range of cryptocurrency services to customers in Singapore, ensuring compliance with the regulatory framework set by MAS.

Ripple has been actively engaged in the region since establishing its Asia Pacific headquarters in 2017. The company’s commitment to Singapore was further highlighted when it held its Swell Global conference in the country just two years ago.

This approval is also yet another milestone in Singapore’s positive stance on digital assets and sets the stage for further growth in the country’s digital ecosystem. In addition to Ripple, a few other entities hold major payment institution (MPI) licenses in Singapore. These include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako. Furthermore, Gemini, a prominent cryptocurrency exchange, has expressed interest in expanding its operations to the city-state.

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, Chief Executive Officer of Ripple.

“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu Alderoty, Chief Legal Officer of Ripple.

Earlier in May, Ripple said it plans to establish a new office located in the Dubai International Financial Centre (DIFC), a key financial hub, while also relocating its annual customer conference, Swell Global 2023, from London to Dubai on November 8-9.

As Ripple conducts the majority of its business beyond the US, the MENA region holds significant importance for its global operations. Specifically, almost 20% of all RippleNet clients are based in the Middle East, having onboarded big names such as SABB, Lulu Financial Holdings, RAK Bank, Qatar National Bank, and Al-Ansari Exchange. Additionally, the cross-border payments, including remittances from Saudi Arabia, Bahrain, and the UAE to India, make up over half of Ripple’s payment volume in the MENA region.

Read this next

Digital Assets

Bybit exits UK market ahead of regulatory changes

Bybit is suspending its cryptocurrency services for users in the United Kingdom due to impending regulations from the country’s Financial Conduct Authority (FCA).

Digital Assets

Binance argues SEC trampled authority set by Congress

Binance, Binance.US, and Changpeng Zhao have jointly filed to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC) in June.


Oscar Asly replaces Rasha Gad as CEO of M4Markets Dubai

Seychelles-regulated brokerage firm M4Markets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Retail FX

Capital Index UK reports mitigated loss despite revenue drop

FCA-regulated brokerage firm Capital Index (UK) Limited has released its annual financial report for the year 2022.

Digital Assets

Mike Novogratz’s Galaxy Digital expands in Europe

Galaxy Digital, the New York-based cryptocurrency financial services company founded by Mike Novogratz, is expanding its presence in Europe by appointing Leon Marshall as its first European CEO.

Metaverse Gaming NFT

Turingum Partners with MarketAcross to Drive Web3 Adoption in Global and Japanese Markets

Global blockchain PR leader MarketAcross joins forces with Japanese Web3 specialist Turingum to mutually expand its market reach, aiming to fortify Turingum’s worldwide footprint and MarketAcross’s presence in the lucrative Japanese blockchain landscape.

Digital Assets

Binance to delist all stablecoins in Europe next year

During a public hearing with the European Banking Authority (EBA), an executive from Binance said that the exchange could ultimately delist stablecoins from its European platforms by June 30, 2024.

Industry News

“Unconscionable conduct”: ASIC fines National Australia Bank $2.1m for overcharging customers

NAB faces a $2.1 million penalty for unconscionable conduct, as the Federal Court rules the bank knowingly overcharged customers, and took over two years to rectify the situation.