Singapore Subsidiary of Ripple Receives Major Payments Institution License
The Singapore subsidiary of Ripple, a major crypto payments company, has been granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS). With this license, Ripple Markets APAC Pte Ltd can now offer digital payment token services in Singapore. The approval for the license was initially given in June.
Ripple believes that obtaining the MPI license is a significant step towards broader adoption of cryptocurrencies. MAS has already granted MPI licenses to 14 digital asset businesses, including Coinbase and Sygnum.
Ripple CEO Brad Garlinghouse praised Singapore’s leadership in fintech and crypto, stating that the country strikes a balance between innovation, consumer protection, and responsible growth. Ripple plans to continue expanding its presence in Singapore as it sees the Asia Pacific region as a rapidly growing market for the industry.
Ripple’s Situation in the US vs. Singapore
In contrast to its situation in Singapore, Ripple faced legal challenges in the United States. The US Securities and Exchange Commission (SEC) accused Ripple and its co-founders of illegally selling XRP without proper registration. However, Ripple won the case in July when it was ruled that XRP is not a security and did not violate federal securities law. This ruling was a significant legal victory for the cryptocurrency industry.
Ripple highlighted the regulatory clarity in Singapore as a major factor contributing to the success of the country’s crypto ecosystem. The exchange expressed its commitment to prioritizing Asia Pacific for the adoption of its global payment solutions due to the region’s rapid growth in the sector.
Hot Take: Ripple’s MPI License in Singapore Boosts Crypto Adoption
Ripple’s acquisition of the Major Payments Institution license from MAS is a significant development that strengthens the company’s position in Singapore’s crypto market. The license allows Ripple to offer digital payment token services, further promoting the adoption of cryptocurrencies in the country. This achievement showcases Singapore’s regulatory clarity and commitment to fostering innovation while ensuring consumer protection. With plans to focus on the Asia Pacific region for expansion, Ripple aims to capitalize on the region’s booming crypto industry. As Ripple continues to navigate different regulatory landscapes worldwide, its success in Singapore serves as a positive example for other countries seeking to embrace cryptocurrencies.
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