By Sherry Qin
Cryptocurrency company Ripple has obtained a full license to operate in Singapore, expanding its presence in the Asia-Pacific region.
Ripple’s Singapore subsidiary, Ripple Markets APAC, secured its major payments institution license from the Monetary Authority of Singapore, the San Francisco-based company said in a statement Tuesday.
Ripple’s major payments institution license follows the MAS’s in-principle approval of its license application in June, the company said. The full license allows it to continue providing regulated digital payment token services in Singapore.
“Over 90% of Ripple’s business is outside of the U.S., and Singapore–and to a larger degree Asia-Pacific–is one of its fastest growing regions,” it said.
“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” Chief Executive Brad Garlinghouse said.
Ripple provides enterprise blockchain and crypto solutions.
Write to Sherry Qin at [email protected]
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