Ripple Secures Expanded Payment License from the Monetary Authority of Singapore
Ripple Labs has secured an expanded license from the Central Bank of Singapore, strengthening its already strong regulatory presence in the country. This move is a significant milestone for the blockchain payments company, as it looks to further establish itself as a leader in the digital assets space.
Expanded License Details
According to an announcement on December 1, Ripple Markets APAC, the blockchain payments company’s Singapore subsidiary, has received the green light from the Monetary Authority of Singapore to expand the scope of payment services it can offer under its Major Payment Institution license. This expanded license will allow Ripple to better support institutions driving the rapid adoption of digital assets in the region.
The approval from the Monetary Authority of Singapore is a testament to Ripple’s commitment to regulatory compliance and its dedication to working with governments and financial institutions to promote the adoption of digital assets. As Ripple President Monica Long noted, “Ripple has always taken a regulation-first approach, and Singapore is proof that innovation thrives when the rules are clear.”
Regional Growth and Adoption
The Asia Pacific region is leading the world in the use of real-world digital assets, with on-chain activity increasing by approximately 70% year-on-year. Singapore is at the center of this growth, and Ripple is well-positioned to capitalize on this trend. According to Vice President and Managing Director Fiona Murray, the latest approval will allow the company to “better support” institutions in the region.
Ripple’s regulated payment offerings include a global payout network based on the stablecoins RLUSD and XRP, which serves as a settlement asset for fast cross-border transfers. The company’s payment system is designed to provide an end-to-end on- and off-ramp that includes collecting, holding, exchanging, and withdrawing. This expanded license will enable Ripple to further develop its payment offerings and provide more comprehensive services to its clients.
Partnerships and Future Plans
Ripple has been actively pursuing partnerships and acquisitions to expand its range of institutional offerings. Last month, the company partnered with Mastercard, WebBank, and Gemini to test the use of RLUSD for credit card billing. Additionally, Ripple has launched RLUSD in key markets, including the United States, the Middle East, Africa, and several corridors in the Asia-Pacific region. The company has also finalized plans for an RLUSD launch in Japan in early 2026, through its partnership with SBI Holdings.
RLUSD has surpassed $1 billion in market cap for the first time in early November and is currently the 13th largest stablecoin, according to CoinGecko. This growth is a testament to the increasing adoption of digital assets and the potential for Ripple’s payment solutions to play a significant role in this space.
For more information on Ripple’s expanded payment license and its implications for the digital assets space, please visit https://crypto.news/ripple-secures-expanded-payment-license-from-the-monetary-authority-of-singapore/
