Ripple lauded Singapore’s regulatory environment for allowing it to offer all crypto token services in the nation. Obtains an MPI license.
On the same day the U.S. court denied SEC’s motion for an interlocutory appeal, Ripple received in-principle approval from the Central Bank of Singapore for its Major Payments Institution (MPI) license.
Ripple is pleased to announce the success of its Singapore subsidiary, Ripple Markets APAC Pte Ltd, four months later. It has obtained its comprehensive MPI license to provide digital payment token services in Singapore.
This significant milestone highlights the practicality of cryptocurrency solutions for both enterprises and financial institutions, representing a pivotal stride towards the broader acceptance and utilization of digital assets.
In response to stringent regulations in the United States, leading U.S. crypto enterprises are relocating to Singapore. On the other hand, Singapore has adopted a tolerant stance. Coinbase also obtained an MPI license from the Monetary Authority of Singapore two days prior.
Ripple Praises Singapore
Singapore has been recognized as a pioneer in digital asset regulation, positioning itself as an ideal hub for businesses and financial institutions to leverage cryptocurrencies’ potential for various purposes, including cross-border payments, crypto liquidity, and central bank digital currencies.
Regulatory clarity, which plays a crucial role in establishing security and trust for businesses and institutions venturing into crypto solutions, is a key factor in Singapore’s success in this field. While some countries are cautious about crypto innovation, Singapore maintains its leadership position by proactively preparing for the future.
Brad Garlinghouse, the chief executive officer of Ripple, commented on the development, stating:
“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 increased its recruiting outside the United States, particularly in Singapore. The CEO of Ripple, Brad Garlinghouse, highlighted the collaborative approach between governments and the blockchain industry in Hong Kong, Singapore, the United Kingdom, and Dubai.
He emphasized that government authorities are establishing transparent regulations and nurturing an environment conducive to industry growth and innovation in these.
