What recent developments have occurred regarding the Singapore arm of Ripple Labs and its licensing for digital payment token services?

Answered on : 2024-01-24

Sources

Crypto firm Ripple secures Singapore payments licence

reuters.com

1

Ripple Says Singapore License Formally Approved

coindesk.com

2

Ripple attains SG license for digital payment token services

forkast.news

3

view 6 more

1. Ripple Labs' Singapore arm has secured a Major Payments Institution license from the Monetary Authority of Singapore, allowing it to offer regulated digital payment token services [2] [3].

2. The license, granted on October 3, 2023, positions Ripple among 14 companies licensed for digital payment token services in Singapore [1].

3. Ripple's license allows the expansion of customer use of XRP, its cryptocurrency [4].

4. The company received in-principle approval on June 21, 2023, prior to the formal license approval [5] [6].

5. Authorities in Singapore awarded a total of 190 Major Payment Institution Licenses, with 11 going to Digital Payment Token companies, including Ripple [8].

*References:*

- [1] Crypto firm Ripple secures Singapore payments licence

- [2] Ripple Says Singapore License Formally Approved

- [3] Ripple attains SG license for digital payment token services

- [4] Crypto firm Ripple gets in-principle payments license in

- [5] Ripple gets in-principle approval for Singapore digital

- [6] Ripple gets in-principle approval for Singapore license

- [8] Ripple Obtains In-Principle Approval for Major Payments

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