Ripple has obtained a license to operate as a major payment institution from Singapore’s central bank, ensuring ongoing operations in the country after getting in-principle approval in June. In a statement from 4 October, the business stated that the Monetary Authority of Singapore (MAS) granted a full license to Ripple Markets APAC Pte Ltd.
Ripple and the cryptocurrency sector achieved a significant achievement with the recent exclusive MPI license for digital payment tokens (DPTs). After MAS granted in-principle approval in June 2023, Ripple’s licensing highlighted Singapore’s proactive approach to establishing a legal framework for DPTs under the Payment Services Act.
The CEO of Ripple, Brad Garlinghouse, stated that Singapore has become a significant fintech and digital asset center, successfully balancing innovation and consumer protection. He mentioned that Singapore has served as the company’s Asia Pacific headquarters since 2017 and has played an important role in Ripple’s global operations.
Ripple leads Blockchain Innovation with MPI License
A US-based firm, Ripple, also stated in a press release that it conducts over 90% of its business overseas and plans to prioritize the Asia Pacific region for adopting cryptocurrency-backed products. Ripple anticipates changing the local payment market by promoting its cryptocurrency payment solutions.
On Tuesday, a federal court firmly rejected the SEC’s attempt to appeal, giving another pivotal victory for business in this ongoing legal case. As a result, the case will proceed to trial in April for a final battle, setting the stage for court, and Ripple remains determined to confront regulatory challenges head-on.
Ripple maintains its dedication to responsible innovation through ongoing discussions with legislators and authorities. Major executives will participate in trade shows from 14 to 17 November 2023, including the Elevandi Insights Forum and the Singapore Fintech Festival, demonstrating their commitment to promoting ethical innovation in the digital assets business.
Ripple’s MPI license success shows the company’s leadership in blockchain and crypto, confirming the business’ dedication to innovation, responsible growth, and customer safety. Furthermore, with its growing presence in Singapore and the Asia Pacific region, Ripple can potentially lead to substantial improvements in digital payments.
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
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