Blockchain payments firm Ripple obtains digital asset license in Singapore
Ripple, a blockchain payments company, has been granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore. This license allows Ripple to offer regulated digital asset token services through its subsidiary, Ripple Markets APAC Pte Ltd, in Singapore.
Ripple CEO Brad Garlinghouse expressed the importance of Singapore as their Asia Pacific headquarters and commended the country’s progressiveness in fintech and digital asset innovation. Ripple plans to continue expanding its presence in Singapore, which is considered one of the leading hubs for these industries.
With the Asia Pacific region being one of Ripple’s fastest-growing markets, the company remains committed to promoting cryptocurrency adoption in the region.
Ripple joins other prominent web3 firms with MPI licenses
Joining a list of notable web3 companies, Ripple is now among those granted an MPI license by the Monetary Authority of Singapore. Circle, a stablecoin issuer, received this license in June, followed by major cryptocurrency exchange Coinbase on October 2nd.
Hot Take: Ripple strengthens its foothold in Asia Pacific with Singapore license
Ripple’s acquisition of the digital asset license from the Monetary Authority of Singapore is a significant milestone for the company. With this license, Ripple can provide regulated digital asset token services in Singapore, further establishing its presence in the Asia Pacific region. The company recognizes Singapore as a progressive jurisdiction that promotes innovation and responsible growth in fintech and digital assets. As one of their fastest-growing markets, Ripple will continue prioritizing crypto adoption in the region. This move aligns with their commitment to expanding their global business and hiring exceptional talent locally. By joining other leading web3 firms with MPI licenses, Ripple solidifies its position as a key player in the cryptocurrency industry.
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