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Ripple, the cryptocurrency firm headquartered in San Francisco, announced on Wednesday that its subsidiary in Singapore has obtained a payments license from the Monetary Authority of Singapore (MAS). This license allows Ripple to offer regulated digital payment token services in Singapore, with no transaction thresholds. The approval, initially granted in June, marks a significant development in Ripple’s global expansion.
MAS Grants License with Stringent Requirements
The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, emphasizes stringent anti-money laundering controls as a prerequisite for granting licenses to cryptocurrency firms. Notably, most applicants do not meet these stringent criteria, reflecting the high standards set by MAS.
Ripple Joins Exclusive Group
Ripple joins a select group of 14 companies licensed to provide digital payment token services in Singapore. Among these companies are the Singapore-based arm of Coinbase, the world’s largest publicly-listed cryptocurrency exchange. Other notable names in this group include Britain’s Revolut and London-based Blockchain.com, demonstrating Singapore’s growing prominence in the cryptocurrency industry.
Ripple’s Expanding Global Footprint
Headquartered in San Francisco, Ripple has stated that over 90% of its business operations are conducted outside of the United States. The Asia-Pacific region, with Singapore as a key hub, has emerged as one of Ripple’s fastest-growing markets. This achievement underscores Ripple’s commitment to expanding its presence in the dynamic world of cryptocurrency.
XRP Price Movement
XRP is currently trading at $0.53071, reflecting a 2.97% price change over the past 24 hours. Notably, this recent price movement has placed XRP’s market capitalization at $28,293,512,445.89. In terms of its performance throughout the year, XRP has seen a significant change of 56.83%.
