Ripple Receives MPI License in Singapore: All You Need to Know
- Ripple has received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
- The firm’s regional arm, Ripple Markets APAC Pte Ltd, is now a holder of the MPI license in Singapore.
- The CEO of the firm, Brad Garlinghouse, praised the MAS for adopting a crypto-friendly regulatory approach.
- Garlinghouse recently slammed the US, asking young entrepreneurs not to establish firms in the country.
Popular blockchain-based payments firm Ripple has officially received a major payments institution license in Singapore, and as per the official confirmation, the firm will now be able to provide digital payment token services in Singapore. The license was granted by the securities regulator of the city-state, the Monetary Authority of Singapore (MAS).
As per the official announcement on October 3, the blockchain-focused firm’s Singaporean entity, Ripple Markets APAC Pte Ltd, is now a holder of the MPI license in the country. This comes four months after the firm received in-principle approval from the MAS. As per the firm, 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.”
In the announcement, Ripple recognized Singapore as “a leader in pioneering digital asset regulation,” adding that the suitable regulatory environment makes the city-state “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.”
Brad Garlinghouse, Chief Executive Officer of Ripple, noted that under the MAS, Singapore has adopted a crypto-favoring regulatory framework, which has transformed the firm into a leading market while “striking the balance between innovation, consumer protection, and responsible growth.”
“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,” said Garlinghouse.
As reported earlier by BitcoinWisdom, the largest crypto exchange in the United States, Coinbase, also secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. The exchange also stated that the favorable policies spearheaded by the MAS are beneficial for the digital asset industry.
Recently, Garlinghouse slammed the United States for being one of the least favorable nations for launching a cryptocurrency startup. “The only country I would not encourage you to start a company right now is in the US,” he advised young entrepreneurs.