Ripple (XRP) announced this week that it has obtained a major payment institution license in Singapore. Is this a way for the company to diversify its geographic footprint in the face of regulatory turmoil in the U.S.?
Ripple exports and obtains a license in Singapore
As Ripple (XRP) continues to battle with the courts in the United States over regulatory disputes, it has unveiled that it has obtained a license in a new jurisdiction: Singapore.
The company obtained an agreement in principle from the Monetary Authority of Singapore (MAS) last July. Now, its application for a full Major Payment Institution (MPI) license has been fully validated:
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
– Ripple (@Ripple) October 4, 2023
Brad Garlinghouse, Ripple’s CEO, commented on the news, informing that the company had doubled its workforce within a year in the Asia-Pacific region, and hailed Singapore as the “progressive jurisdiction” it was:
“Under MAS’s leadership, Singapore has become a leading hub for financial technology and digital assets, striking a balance between innovation, consumer protection and responsible growth. “
A thumbing of the nose at the United States?
In its press release, Ripple did not fail to address some thinly veiled criticism of the United States, and more specifically with regard to its stance on cryptocurrencies.
Indeed, the company cited the city-state’s “regulatory clarity”, echoing the situation in its home country:
“While some countries are holding back crypto innovation, Singapore is staying one step ahead by preparing for the inevitable in the future. “
Like many companies before it, Ripple is thus choosing to diversify the territories in which it operates. Earlier this year, we observed similar phenomena, whether with crypto investment fund Andreessen Horowitz (a16z) and its office in the UK, or exchange Coinbase in the United Arab Emirates in particular.
With digital payments expected to more than double in the Asia-Pacific region by 2025, Ripple says it will “continue to prioritize this region for the adoption of its global payment solutions”.
Meanwhile, the XRP was trading at $0.527 at the time of writing, up 3.8% over the last 24 hours.
