The Monetary Authority of Singapore (MAS) has granted Ripple a full license to provide crypto services. “This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets,” Ripple explained.
Ripple Fully Licensed in Singapore
Ripple announced Tuesday that it is now fully licensed in Singapore. The company explained that its Singaporean subsidiary, Ripple Markets APAC Pte Ltd., has received a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token services, four months after receiving in-principle approval. The announcement details:
This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets.
“Singapore is known as a leader in pioneering digital asset regulation, making it an ideal location for businesses and financial institutions to harness the power of crypto for cross-border payments, crypto liquidity, and central bank digital currencies,” Ripple added.
Brad Garlinghouse, CEO of Ripple, commented:
Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business.
“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” the executive noted.
Earlier this week, the Nasdaq-listed cryptocurrency exchange Coinbase similarly announced that it has received a full MPI license from the MAS to provide crypto services. Coinbase also stated that it has identified Singapore as “a vital market” for its business.
“Regulatory clarity is a major contributor to Singapore’s success, proving pivotal to ensuring security and trust for businesses and institutions to explore crypto solutions,” Ripple further stated in its Tuesday announcement. “While some countries are pumping the brakes on crypto innovation, Singapore is staying well ahead of the curve by future-proofing for the inevitable.”
In the U.S., Ripple scored another win against the U.S. Securities and Exchange Commission (SEC) this week. District Judge Analisa Torres has denied the securities regulator’s bid to appeal her ruling regarding XRP.
What do you think about Ripple obtaining a full license to provide crypto services in Singapore? Let us know in the comments section below.
