- Ripple has secured an in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), positioning it among the top 20 firms to receive this approval.
- This approval enables Ripple’s Singapore branch to provide regulated digital payment token services, further broadening its customer base across the Asia-Pacific region.
In an exciting development for the crypto community, Ripple, a forerunner in blockchain technology, has joined an elite group of less than 20 companies with in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This prestigious approval allows Ripple’s Singapore unit, Ripple Markets APAC Pte Ltd, to provide regulated digital payment token services within Singapore, and potentially across the broader Asia-Pacific (APAC) region.
Ripple has consistently been at the forefront of transforming cross-border payments with innovative solutions. This approval aligns perfectly with Ripple’s mission to deliver streamlined and efficient cross-border payment services to businesses and financial institutions.
Singapore’s position as a global financial powerhouse that embraces digital innovation is well-established. This recent success for Ripple reflects the city-state’s commitment to fostering a conducive environment for crypto companies, thus propelling the adoption of blockchain and cryptocurrency solutions.
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Ripple CEO, Brad Garlinghouse, expressed his pride over the achievement, lauding Singapore’s pragmatic and progressive approach towards the crypto ecosystem. Stuart Alderoty, Chief Legal Officer of Ripple, also applauded Singapore’s leadership in crafting clear regulatory frameworks for the crypto industry. This licensing approval allows Ripple to support forward-thinking clients in leveraging blockchain and crypto technologies, enabling the creation of a more inclusive and borderless financial system.
Since establishing its Asia Pacific base in Singapore six years ago, Ripple has recognized the region’s vast potential. The recent in-principle approval marks a pivotal milestone in Singapore’s journey towards digital asset embrace, placing Ripple as a vital player in promoting progressive crypto adoption. This approval not only augments Ripple’s standing but also sets a positive example for other crypto firms, encouraging further innovation and collaboration with regulatory bodies.
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