RIPPLE OBTAINS FULL LICENSE FOR DIGITAL PAYMENT TOKEN SERVICES IN SINGAPORE

In a significant milestone for the cryptocurrency industry, Ripple has secured a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) through its subsidiary, Ripple Markets APAC Pte Ltd. This achievement comes after Ripple received in-principle approval for the license earlier this year.

This licensing development underscores the growing real-world applications of crypto solutions, extending their reach to businesses and financial institutions. It marks a significant step toward broader adoption of digital assets within the financial sector. Singapore, known for its pioneering digital asset regulations, has emerged as an ideal hub for businesses and companies

Brad Garlinghouse, Chief Executive Officer of Ripple, highlighted Singapore's pivotal role in Ripple's global operations, stating,

"Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. 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."

Singapore's transformational journey, driven by technology, has played a crucial role in its economic growth and attractiveness to investors.

A key factor contributing to Singapore's success is regulatory clarity, which has provided businesses and institutions with the security and trust needed to explore cryptocurrency solutions. While some countries have adopted a cautious approach to crypto innovation, Singapore has positioned itself as a leader by preparing for the inevitable future of digital assets.

The shift toward digital payments is a broader trend across the Asia Pacific region, with cashless transaction volumes expected to surge by 109% by 2025. Ripple is committed to prioritizing this region for the adoption