Share this article
Ripple Says Singapore License Formally Approved
After a June in-principle approval, a subsidiary for Ripple has been granted its license by the Monetary Authority of Singapore.
Updated Oct 4, 2023, 2:00 a.m. Published Oct 4, 2023, 2:00 a.m.
Ripple’s Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore, the company said, allowing it to keep providing digital payment token services in the fast-growing region. It's the second piece of good news for Ripple in the past eight hours.
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” said Ripple CEO Brad Garlinghouse, in a statement, adding that the country has been the company’s Asia Pacific headquarters for six years.
STORY CONTINUES BELOW
Ripple was granted a preliminary approval in June, but now its Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing.
The company said in a statement Tuesday that it does about 90 percent of its business outside the U.S. Meanwhile, Ripple has been fighting with the U.S. Securities and Exchange Commission (SEC) over its right to operate there. The company won another significant victory in that case on Tuesday, when a federal judge ruled against the SEC’s effort to appeal, so the matter is heading toward a final showdown in an April trial.
Read More: Ripple Obtains In-Principle Approval for Major Payments Institution License in Singapore
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
Top Stories
