Ripple secures significant approval for MAS MPI license, expands presence in APAC region; CEO Brad Garlinghouse proud of Singapore’s crypto approach.
In a significant development for the crypto industry, Ripple, a leading blockchain company, has achieved a remarkable feat by securing in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This highly coveted approval places Ripple among an exclusive group of fewer than 20 firms to receive such recognition for digital payment token services, according to Brad Garlinghouse, the CEO of Ripple, while reacting to the development.
In a recent tweet, Garlinghouse expressed immense pride, acknowledging Singapore’s pragmatic and innovative approach to the crypto landscape. He commended the country for its forward-thinking stance, emphasizing Ripple’s privileged position as one of the select few firms to be granted the MAS MPI license.
As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services! https://t.co/Mt1J3qMeI0
— Brad Garlinghouse (@bgarlinghouse) June 22, 2023
Ripple MPI License Implies Entry into APAC Region
According to Ripple’s official press statement, the approval allows Ripple’s Singapore-based arm, Ripple Markets APAC Pte Ltd, to offer regulated digital payment token products and services within the city-state.
This significant milestone sets the stage for Ripple to scale its customer base and facilitate the use of crypto-enabled payments not just in Singapore but also across the Asia-Pacific (APAC) region.
Ripple has been a driving force in revolutionizing cross-border payments with its cutting-edge solutions. The company’s payments platform has experienced remarkable growth in APAC, prompting the doubling of its Singapore office workforce to cater to the rising demand in the region.
This achievement aligns with Ripple’s commitment to providing seamless and efficient cross-border payment services to businesses and financial institutions.
Singapore has long been recognized as a global financial hub that embraces digital innovation. As The Crypto Basic reported last year, Ripple successfully partnered with a Singapore-based payment giant to facilitate cross-border payment.
Ripple’s recent success is a testament to Singapore’s commitment to fostering a conducive environment for crypto companies and driving the adoption of blockchain and crypto solutions.
Ripple CLO Reacts
Stuart Alderoty, Chief Legal Officer of Ripple, praised Singapore’s leadership in developing a clear regulatory framework for the crypto industry.
1/ @MAS_sg has built a workable framework that truly unites consumer protection, market integrity and innovation. They’ve also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products. https://t.co/KLYzWRrST0
— Stuart Alderoty (@s_alderoty) June 22, 2023
He emphasized the importance of MAS’s in-principle regulatory approval, as it allows Ripple to better assist forward-looking customers in leveraging blockchain and crypto technologies to create a more inclusive and borderless financial system.
Ripple Recent Success in Singapore Market
Since establishing its Asia Pacific headquarters in Singapore six years ago, Ripple has recognized the immense potential that the region holds. As The Crypto Basic reported in April, Ripple facilitated $30 billion out of 20 million transactions in 70 Payout Market, which included Singapore.
The recent in-principle approval marks a significant milestone in Singapore’s journey towards embracing digital assets and positions Ripple as a critical player in the progressive crypto adoption.
Ripple’s approval sets a positive precedent, inspiring other crypto firms and encouraging further innovation and collaboration with regulatory bodies.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
