Crypto firm Ripple secures SG payments license

Ripple, a leading player in the cryptocurrency arena, is on the fast track. The Singaporean arm of the company just received the much-coveted payments license from the Monetary Authority of Singapore (MAS). It allows Ripple to provide regulated digital payment token services without any transaction limits.

• First Nod of Approval: Ripple first experienced the taste of acceptance in June, and now it's official.

• Exclusive Society: With this achievement, Ripple joins an exclusive group of just 14 companies licensed in this way in Singapore. Other big names at this VIP table include the Singapore branches of Coinbase (the world's largest listed cryptocurrency exchange), UK's Revolut, and London's Blockchain.com.

• No Free Passes: The MAS doesn't distribute these licenses freely. They undertake stringent checks to ensure that these firms have robust anti-money laundering controls in place.

This license spells victory for Ripple, as over 90% of its business operates outside the U.S., with the Asia-Pacific region, particularly Singapore, being its rapidly expanding arena.