- Ripple has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
- The license will allow Ripple to offer cryptocurrency and services in Singapore, as well as scale its liquidity platform (ODL) to meet growing demand.
- Ripple’s CEO and Chief Legal Officer expressed satisfaction with Singapore’s approach to regulating the crypto industry and its licensing program.
Ripple Receives Approval for MPI License in Singapore
Ripple, the international cryptocurrency payment services company, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will enable Ripple to offer cryptocurrency and services in Singapore, as well as scale its liquidity platform (ODL) to meet the increasing demand in the region.
Expansion in the APAC Region
The approval of the MPI license marks a significant milestone for Ripple’s expansion efforts in the Asia-Pacific (APAC) region. Singapore, known for its business-friendly environment, is seen as an important gateway for Ripple to tap into the APAC market. Ripple CEO, Brad Garlinghouse, emphasized the significance of Singapore as a key market and highlighted the company’s commitment to working in compliance with regulators.
Singapore’s Approach to Crypto Regulation
Ripple’s Chief Legal Officer, Stuart Alderoty, expressed satisfaction with Singapore’s approach to regulating the cryptocurrency industry. He praised the country for finding a balance between regulating the crypto ecosystem without stifling innovation. Alderoty also highlighted the appeal of Singapore’s licensing program, which attracts responsible crypto actors and provides clear rules for compliance.
