Two Major Crypto Businesses Sued By US SEC Secure Full Licenses In Singapore

Two major cryptocurrency businesses, Ripple Labs and Coinbase, both sued by the U.S. Securities and Exchange Commission (SEC) have secured full licenses in Singapore.

Last Sunday, Coinbase, one of the world's largest crypto exchange platforms by trading volume, announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the central bank and financial authority of the Southeast Asian country.

The license will allow Coinbase to offer digital payment token services to both individuals and institutions in Singapore, a country that has become the center of crypto in the Asian region in recent years.

"Coinbase Singapore is pleased to announce that we have obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This development, coming after our initial In-Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore," the announcement by Coinbase read.

Coinbase was granted initial approval in October 2022 in the country it considers a "vital market" since data revealed that 32% of Singaporeans have done crypto in the past or own crypto assets.

"From our initial involvement in the Lion City, we've identified Singapore as a vital market for Coinbase. The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives," Coinbase noted.

Like Coinbase, Ripple's Singapore arm also secured a license as a major payment institution from the Monetary Authority of Singapore. This allows the business to continue providing digital payment token services in the country.

While it took Coinbase nearly a year to obtain its full license, Ripple's Singapore subsidiary waited only four months to secure its full MPI license, since it received its preliminary approval in June of this year.

"Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple's global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore," Ripple Labs CEO Brad Garlinghouse said in a statement.

"Under MAS' leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth," the CEO added.

This latest development on Coinbase and Ripple Labs' operations in Singapore marks a crucial stride toward wider adoption of digital assets in the country and in the world.

The U.S. SEC sued Ripple Labs in December 2020 for illegally raising more than $1.3 billion in unregistered securities offerings by selling XRP. The major Wall Street regulator filed a lawsuit against Coinbase in June 2023 alleging that the U.S.-based company failed to register as a securities exchange with the market regulator.