Ripple, one of the leading companies in the crypto world, has announced that it has obtained a license from the Monetary Authority of Singapore (MAS) Payment Institution (MPI). The license allows Ripple to offer regulated digital asset payment services in the country.
Ripple Receives Green Light from the Monetary Authority of Singapore
Blockchain payment company Ripple has obtained a license from the Monetary Authority of Singapore Payment Institution. Ripple’s newly acquired “Payment Institution” license enables the company to offer regulated digital asset payment services in the country. The license was granted to Ripple’s subsidiary in Singapore, Ripple Markets APAC Pte.
Brad Garlinghouse, CEO of Ripple, commented on the approval of the license by the Monetary Authority of Singapore, saying:
Since establishing Singapore as our Asia Pacific hub in 2017, the country has become a crucial position for Ripple’s global operations. We have hired exceptional talents and significant names, doubled our staff count last year, and plan to continue expanding our presence in a progressive jurisdiction like Singapore.
Garlinghouse also added, “Under the leadership of the Monetary Authority of Singapore, Singapore has become one of the leading fintech and digital asset centers that strikes a balance between innovation, consumer protection, and responsible growth.”
Ripple’s statement reveals the company’s continued prioritization of cryptocurrency usage in the Asia Pacific region, which is one of its fastest-growing regions. Therefore, it would not be surprising for Ripple to make new moves and initiatives targeting the region.
Ripple Joins the Ranks of Major Web3 Companies with a License
With this latest development, Ripple, the issuer of XRP, has joined the ranks of major Web3 companies that have obtained the MPI license from the Monetary Authority of Singapore. Previously, Circle, the issuer of stablecoin USDC, announced in June that it had obtained the MPI license, and US-based major cryptocurrency exchange Coinbase announced on October 2nd that it had obtained the MPI license.
