Ripple gets full license to offer crypto payment services in Singapore

Ripple, a company that deals with cryptocurrency, announced on Wednesday that it has secured a full license as a major payments institution in Singapore. This is a strategic move to expand its business in the Asia-Pacific region.

The company had received an initial approval in principle from the Monetary Authority of Singapore in June, and now it has obtained the final license. This will allow Ripple to offer regulated crypto payment services in Singapore.

Ripple said that most of its business is outside the U.S., and that Singapore and the Asia-Pacific region are among its fastest growing markets.

Ripple said it will focus on increasing the adoption of its crypto payment services in the region.

Ripple’s president, Monica Long, told CNBC in an interview last month that the number of staff in the Singapore office has more than doubled in the past year, as the company’s business in the Asia-Pacific region has surged.

Singapore is a leader in crypto regulation in the region. The country has implemented the Payment Services Act since January 2020, which regulates payment services and crypto services for the public.

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