Ripple Receives Full License to Provide Crypto Services in Singapore
Ripple has announced that it has obtained a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its Singaporean subsidiary, Ripple Markets APAC Pte Ltd. This license allows Ripple to offer digital payment token services in Singapore. The company sees this as a significant step towards the wider adoption of digital assets and emphasizes the real-world utility of crypto solutions for businesses and financial institutions.
Singapore’s Role in Ripple’s Global Business
According to Brad Garlinghouse, CEO of Ripple, Singapore has been crucial to the company’s global operations since establishing its Asia Pacific headquarters there in 2017. Ripple plans to continue growing its presence in Singapore, recognizing the country as a progressive jurisdiction for crypto innovation.
Coinbase Receives Similar License
In addition to Ripple, Coinbase, a Nasdaq-listed cryptocurrency exchange, has also obtained a full MPI license from MAS to provide crypto services in Singapore. Both companies see Singapore as an important market and highlight the regulatory clarity and forward-thinking approach of the country.
Ripple’s Legal Victory Against SEC
In a separate development, Ripple achieved a legal win against the U.S. Securities and Exchange Commission (SEC). District Judge Analisa Torres denied the SEC’s bid to appeal her ruling on XRP, the cryptocurrency associated with Ripple.
Hot Take: Ripple Expands Influence with Full License Approval
The Monetary Authority of Singapore granting Ripple a full license demonstrates the increasing acceptance of cryptocurrencies by regulatory bodies. By positioning itself as a leader in digital asset regulation, Singapore attracts businesses and financial institutions seeking to leverage crypto solutions. Ripple’s success in obtaining this license further solidifies its position in the crypto market and highlights the potential for wider adoption of digital assets. With its legal victory against the SEC, Ripple continues to strengthen its position as a key player in the cryptocurrency industry.
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