Recently, Ripple announced that it has received full license from the Monetary Authority of Singapore (MAS), allowing it to provide digital payment token services in Singapore. This means that Ripple can continue to operate in Singapore after receiving in-principle approval in June.

Ripple CEO Brad Garlinghouse said that Singapore has developed into one of the leading fintech and digital asset hubs, achieving a balance between innovation, consumer protection and responsible growth. Singapore has been home to Ripple’s Asia-Pacific headquarters since 2017 and is critical to the company’s global operations.

This license for Ripple will allow it to compete in the Singapore market with 14 other companies that have obtained the same license, including the local affiliates of Coinbase, Independent Reserve and Blockchain.com. However, the market outlook is still not optimistic, and regulatory policies and industry dynamics still require attention.