Ripple Gains Major Payments Institution License from Singapore's Monetary Authority
Jessie A Ellis Oct 04, 2023 07:20
Ripple, a leading enterprise in blockchain and crypto solutions, has secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This follows the in-principle approval granted to Ripple in June 2023. The license will enable Ripple to continue offering regulated digital payment token services in Singapore, a key market for the company.
Ripple's Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully secured its MPI license for digital payment tokens (DPTs) from the MAS. The license comes on the heels of the regulatory body's in-principle approval of Ripple's application in June 2023. Singapore has been a pioneer in establishing a robust regulatory framework for DPTs through its Payment Services Act. This license enables Ripple to continue offering regulated digital payment token services in Singapore, a market that has been pivotal for the company's global operations.
Ripple's license acquisition is part of a broader trend of regulatory approvals in Singapore. GSR Markets Pte. Ltd. received In-Principle Approval for an MPI license on October 2, 2023. Coinbase Singapore, Circle, Blockchain.com, and Crypto.com have also secured full MPI licenses this year. These approvals underscore the competitive yet regulated environment in Singapore, which is rapidly becoming a global hub for blockchain and crypto enterprises. The series of approvals from MAS highlights the city-state's commitment to fostering a vibrant but well-regulated digital asset ecosystem.
Brad Garlinghouse, CEO of Ripple, highlighted the strategic significance of Singapore for the company. "Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business," he stated. Ripple has doubled its headcount in Singapore over the past year and plans to continue its regional expansion. Over 90% of Ripple's business occurs outside the United States, with the Asia Pacific being one of its fastest-growing markets. The company aims to leverage Singapore's regulatory clarity and burgeoning crypto ecosystem for its future growth.
Ripple maintains an active dialogue with policymakers and regulators to drive responsible innovation in the digital assets industry. The company will continue its engagement with the MAS, with key executives slated to speak at the Elevandi Insights Forum and the Singapore Fintech Festival from November 14-17, 2023. These speaking engagements are part of Ripple's broader strategy to foster relationships with regulatory bodies and contribute to shaping the future of digital assets.
Ripple is a frontrunner in enterprise blockchain and crypto solutions, focusing on transforming global financial systems. The company aims to offer faster, more transparent, and cost-effective solutions, challenging existing inefficiencies in the financial sector. Singapore ranked fourth in the 2022 IMD World Digital Competitiveness Ranking. Regulatory clarity has been pivotal in attracting businesses and financial institutions to explore crypto solutions in the city-state. The country is home to over 700 Web3 companies and has a significant percentage of its population engaged in crypto activities, making it a pivotal market for the growth of the crypto and Web3 economy.
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