Ripple has obtained a full license to operate in Singapore, where it has been headquartered since 2017. The cryptocurrency company views Singapore as a progressive jurisdiction and plans to continue growing its presence in the Asia-Pacific region. This development comes as Ripple remains embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC).
Singapore has been a strategic location for Ripple, as over 90% of its business is conducted outside of the U.S. The country has been at the forefront of crypto regulation in the region, with its Payment Services Act in effect since January 2020. Ripple intends to prioritize the adoption of its crypto payment services in this rapidly growing region.
Ripple’s CEO, Brad Garlinghouse, lauded Singapore’s leadership in fintech and digital assets, highlighting its commitment to innovation, consumer protection, and responsible growth. In contrast, Ripple and other crypto firms have criticized the lack of clarity around crypto regulations in the U.S. and have even threatened to leave the country in response to the SEC’s crackdown. Nevertheless, Ripple’s expansion in Singapore demonstrates its determination to continue providing regulated crypto payment services and growing its presence in the Asia-Pacific market.