Ripple’s Major Triumph in Singapore: A Full License Secured
Ripple, a pioneer in enterprise blockchain and crypto solutions, has achieved a significant milestone in the ever-evolving landscape of blockchain and cryptocurrency. Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, has secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a momentous achievement in the company’s journey.
This approval comes on the heels of an in-principle approval granted by MAS in June 2023, signalling the recognition of Ripple’s commitment to regulatory compliance and innovation. Singapore, a global leader in crafting a flexible and forward-looking regulatory framework for digital payment tokens (DPTs) through the Payment Services Act, has cultivated a vibrant ecosystem for digital asset innovation. Ripple’s full MPI license for DPTs is a testament to their dedication to operating within such a progressive jurisdiction.
Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
Brad Garlinghouse, the Chief Executive Officer of Ripple, expressed his gratitude, stating, “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.” Garlinghouse also acknowledged Singapore’s remarkable achievement in striking a harmonious balance between innovation, consumer protection, and responsible growth under the leadership of MAS.
Ripple’s significance extends beyond the borders of the United States, with over 90% of its business conducted internationally. The Asia Pacific region, particularly Singapore, stands as one of the fastest-growing areas for the company. With the full MPI license, Ripple is poised to continue providing regulated digital payment token services in Singapore, reaffirming their commitment to the region.
Since its inception, Ripple has engaged with policymakers and regulators to foster responsible innovation within the digital assets industry. This engagement continues, with key executives set to speak at the Elevandi Insights Forum and the Singapore Fintech Festival from 14-17 November 2023.
While celebrating this milestone, Ripple faces a significant legal battle with the U.S. Securities and Exchange Commission (SEC) over its right to operate in the United States. However, a federal judge’s ruling against the SEC’s attempt to appeal has buoyed Ripple’s prospects in this ongoing conflict, setting the stage for a showdown in an April trial.
Ripple’s achievement in obtaining the MPI license in Singapore underscores the company’s commitment to fostering growth and innovation while adhering to regulatory standards. As Ripple continues to navigate the dynamic world of blockchain and crypto, its success in Singapore serves as a beacon of hope for responsible and forward-thinking players in the industry.
In conclusion, Ripple’s journey in Singapore is a testament to the company’s commitment to responsible growth and innovation within a regulatory framework that values consumer protection. With its MPI license secured, Ripple’s presence in the Asia Pacific region is set to thrive, contributing to the continued evolution of the global blockchain and cryptocurrency ecosystem.
