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On the day that the US court denied SEC’s motion of interlocutory appeal, Ripple secured another major win by receiving in-principle approval of its Major Payments Institution (MPI) license from the Central Bank of Singapore.
After a span of four months, Ripple is excited to reveal the achievement of its Singapore subsidiary, Ripple Markets APAC Pte Ltd. It has successfully obtained its complete MPI license to offer digital payment token services within Singapore.
This significant milestone highlights the practicality of cryptocurrency solutions for both businesses and financial institutions, representing a pivotal stride towards the broader acceptance and utilization of digital assets.
Top US crypto companies have been making a move into Singapore amid stringent regulations in the US. On the other hand, Singapore has undertaken an accommodative stand. Just two days before, crypto exchange Coinbase also secured an MPI license from the Monetary Authority of Singapore.
Ripple Praises Singapore Legislation
Singapore has gained recognition as a trailblazer in pioneering digital asset regulation, positioning itself as an ideal hub for businesses and financial institutions to leverage the potential of cryptocurrencies for various purposes, including cross-border payments, crypto liquidity, and central bank digital currencies.
A key factor fueling Singapore’s success in this arena is regulatory clarity, which plays a pivotal role in establishing security and trust for businesses and institutions as they venture into the realm of crypto solutions. While some nations are adopting a cautious approach to crypto innovation, Singapore remains at the forefront by proactively preparing for the future. Speaking on the development, Brad Garlinghouse, Chief Executive Officer of Ripple said:
“Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”
Ripple has been increasing its hiring outside the US, especially in Singapore. Brad Garlinghouse, the CEO of Ripple, highlighted the collaborative approach between governments and the blockchain industry in certain jurisdictions like Hong Kong, Singapore, the UK, and Dubai. In these regions, he emphasized that government authorities are taking the lead by establishing transparent regulations, fostering a conducive environment for growth and innovation in the industry.
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