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Ripple, the cryptocurrency company, announced on Wednesday that its subsidiary in Singapore has secured a payments license that permits operation in the city-state without transaction limitations.
This license, issued by the Monetary Authority of Singapore (MAS), will enable Ripple to offer regulated digital payment token services, building on the initial approval it received in June.
Ripple is among 14 companies licensed to provide digital payment token services in Singapore. Notable peers include the Singapore division of Coinbase, the world’s largest publicly listed cryptocurrency exchange, as well as the Singapore units of Britain’s Revolut and London-based Blockchain.com.
The Monetary Authority of Singapore, the nation’s central bank and financial regulator, only grants licenses to cryptocurrency companies that demonstrate robust anti-money laundering controls. Consequently, most applicants have not succeeded in obtaining licenses.
Ripple, headquartered in San Francisco, disclosed that more than 90% of its business occurs outside the United States, with Singapore and the broader Asia-Pacific region representing one of the company’s fastest-growing markets.
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