Ripple Gains Major Payments Institution License from Singapore's Monetary Authority

blockchain.news:

Ripple's Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully secured its MPI license for digital payment tokens (DPTs) from the <dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>MAS. The license comes on the heels of the regulatory body's in-principle approval of Ripple's application in June 2023. Singapore has been a pioneer in establishing a robust regulatory framework for DPTs through its Payment Services Act. This license enables Ripple to continue offering regulated digital payment token services in Singapore, a market that has been pivotal for the company's global operations.

Ripple's license acquisition is part of a broader trend of regulatory approvals in Singapore. GSR Markets Pte. Ltd. received In-Principle Approval for an MPI license on October 2, 2023. Coinbase Singapore, Circle, Blockchain.com, and Crypto.com have also secured full MPI licenses this year. These approvals underscore the competitive yet regulated environment in Singapore, which is rapidly becoming a global hub for blockchain and crypto enterprises. The series of approvals from MAS highlights the city-state's commitment to fostering a vibrant but well-regulated digital asset ecosystem.

Brad Garlinghouse, CEO of Ripple, highlighted the strategic significance of Singapore for the company. «Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business,» he stated. Ripple has doubled its headcount in Singapore over the past year and plans to continue its regional expansion. Over 90% of Ripple's business occurs outside the United States, with the Asia Pacific being one