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
Bank of America says U.S. banks are heading for multi-year onchain future
The Wall Street firm said faster U.S. stablecoin and charter rules are pulling crypto into the regulated banking system and pushing banks toward an on-chain future.
What to know:
- Bank of America said U.S. crypto rulemaking is set to accelerate as the OCC grants conditional national trust bank charters to five digital-asset firms.
- The bank expects the FDIC and Federal Reserve to follow with stablecoin capital, liquidity and approval rules under the GENIUS Act.
- Banks should embrace blockchain, the report said, citing JPMorgan and DBS pilots in tokenized deposits on public and permissioned blockchains.
Top Stories
