Singapore’s Monetary Authority (MAS) has issued Ripple a comprehensive license for providing cryptocurrency services. This license represents the practicality of crypto solutions for both businesses and financial institutions, underlining a significant advancement toward the broader adoption of digital assets.
Ripple, headquartered in Singapore, announced the acquisition of a Major Payments Institution (MPI) license for its subsidiary, Ripple Markets APAC Pte Ltd. This approval follows four months after the in-principle license was granted by the MAS. The license allows the company to provide digital payment token services.
Singapore has been at the forefront of pioneering digital asset regulations, making it an attractive hub for businesses and financial institutions seeking to leverage cryptocurrency for cross-border payments, liquidity in the crypto market, and the development of central bank digital currencies.
Singapore Grants Comprehensive Crypto License to Ripple for Expanded Services
Brad Garlinghouse, Ripple’s CEO, emphasized Singapore’s crucial role in the company’s global operations. Ripple has expanded its presence in Singapore, doubling its workforce in the region over the past year. The company plans to continue growing in this forward-thinking jurisdiction.
Coinbase, a Nasdaq-listed cryptocurrency exchange, also recently announced that it had secured a full MPI license from the MAS, recognizing Singapore as a vital market for its services.
Ripple’s Expanding Presence in Singapore: A Milestone for Cryptocurrency Adoption
Ripple commended Singapore’s regulatory clarity, attributing it to the country’s success and the establishment of trust and security for businesses and institutions exploring crypto solutions. While some countries have been cautious about crypto innovation, Singapore has positioned itself at the forefront of the industry by preparing for the inevitable future of digital assets.
In a separate development, Ripple achieved a legal victory in the United States against the U.S. Securities and Exchange Commission (SEC) as District Judge Analisa Torres rejected the SEC’s attempt to appeal her ruling regarding XRP.