JAKARTA - Ripple, a leading company in the crypto world, announced on Tuesday 3 October that it had obtained permission to fully operate in Singapore. Its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, has been granted a Main Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) to provide digital payment token services. This comes four months after they get principle approval.
This license highlights the importance of crypto solutions in real-life for businesses and financial institutions, and marks a major step towards wider adoption of digital assets.
"Singapore is known as a leader in pioneering digital asset regulation, making it the ideal location for businesses and financial institutions to take advantage of crypto power in cross-border payments, crypto liquidity, and central bank digital currencies," Ripple added.
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"Since making Singapore our headquarters for Asia Pacific in 2017, this country has become key in Ripple's global business," said Ripple CEO.
The blockchain-based global payment company has recruited many local talents and plans to continue growing in progressive jurisdictions such as Singapore.
It is important to note that clear regulations are a key factor in Singapore's success in the crypto industry. This creates security and trust for businesses and institutions that want to explore crypto solutions. Over the past few years, Singapore has been a leader in pioneering digital asset regulation.
Apart from Ripple, another major crypto exchange, Coinbase, has also obtained a full MPI license from MAS. Coinbase says Singapore is a very important market for them.
With these steps, Singapore continues to maintain its position as a center for strong crypto innovation and adoption, while Ripple is making important progress in its efforts to expand its services around the world.
In addition to this achievement, Ripple also recorded victory in the US with the rejection of the US Securities and Exchange Commission (SEC)'s efforts to appeal their XRP case. This case has been in the spotlight in the US crypto industry.
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