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- Ripple, a prominent blockchain company, receives in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
- The license empowers Ripple’s Singapore branch to provide regulated digital payment token products and services, paving the way for expanded adoption of its crypto-enabled payment solutions.
Ripple Secures Major Payments Institution License in Singapore | Shiba Inu Teases “Worldpaper” and Expands Ecosystem
Ripple, a leading blockchain company, has achieved a significant milestone by obtaining in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Ripple’s Singapore-based arm to offer regulated digital payment token products and services within Singapore and across the Asia-Pacific (APAC) region. The approval highlights Singapore’s forward-thinking approach to digital innovation and solidifies Ripple’s position as a key player in crypto adoption in the country.
.@MAS_sg published a whitepaper proposing a common protocol to specify conditions for the use of digital money such as CBDCs, tokenised bank deposits, and stablecoins on a distributed ledger.
READ: https://t.co/ZzY0OjOG1n
— MAS (@MAS_sg) June 21, 2023
Ripple’s CEO, Brad Garlinghouse, expressed immense pride and commended Singapore for its pragmatic and innovative approach to the crypto landscape. He acknowledged the country’s forward-thinking stance and highlighted Ripple’s privileged position as one of the select few companies granted the MAS MPI license.
The license enables Ripple’s Singapore-based arm, Ripple Markets APAC Pte Ltd, to offer regulated digital payment token products and services within the city-state. This achievement not only allows Ripple to scale its customer base in Singapore but also positions it as a key player in facilitating crypto-enabled payments across the Asia-Pacific (APAC) region.
Ripple has been at the forefront of revolutionizing cross-border payments with its cutting-edge solutions. The company’s payments platform has experienced remarkable growth in the APAC region, leading to an expansion of its Singapore office workforce to meet the rising demand.
Singapore’s Supportive Stance and Ripple’s Regional Expansion
Singapore, renowned as a global financial hub embracing digital innovation, has once again demonstrated its commitment to fostering a conducive environment for crypto companies. Ripple‘s recent success in obtaining the MPI license showcases the country’s clear regulatory framework for the crypto industry and its efforts to drive the adoption of blockchain and crypto solutions.
Stuart Alderoty, Ripple’s Chief Legal Officer, praised Singapore’s leadership in developing a regulatory framework that unites consumer protection, market integrity, and innovation. The framework provides clarity and a taxonomy for classifying and regulating digital assets, creating an environment where companies like Ripple can offer compliant products. Regulatory clarity plays a crucial role in driving the real-world utility of cryptocurrencies.
Establishing its Asia Pacific headquarters in Singapore six years ago, Ripple recognized the region’s immense potential. The company has been actively facilitating cross-border payments, with its recent achievement of handling $30 billion in transactions in Singapore’s Payout Market. Ripple’s approval for the MPI license marks a significant milestone in Singapore’s journey toward embracing digital assets and positions Ripple as a critical player in the progressive adoption of cryptocurrencies.
This accomplishment sets a positive precedent, inspiring other crypto firms and encouraging further innovation and collaboration with regulatory bodies. Singapore’s forward-looking regulatory environment and its practical, innovation-oriented approach to cryptocurrency can serve as a model for other countries crafting their regulatory frameworks.
