Ripple Receives Digital Assets License to Operate in Singapore

American tech company Ripple Labs Inc recently announced that it has been granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS). 

This license enables Ripple to provide regulated digital asset token services within Singapore’s borders, reinforcing the company’s commitment to enhancing the utility of crypto for businesses and financial institutions.

The Significance of the MPI License

Ripple gave the announcement in a blog post stating, “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.” 

This milestone signals Singapore’s leadership in pioneering digital asset regulation, making it a prime location for businesses and financial institutions seeking to leverage the potential of cryptocurrencies for cross-border payments, crypto liquidity, and Central Bank Digital Currencies (CBDCs).

Ripple’s Growing Presence in Singapore

Singapore has played a pivotal role in Ripple’s global business since the company established its Asia Pacific headquarters there in 2017. 

Brad Garlinghouse, the CEO of Ripple, emphasized Singapore’s significance in the company’s growth, saying, “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.”

This expansion reflects not only Ripple’s commitment to the region but also its recognition of Singapore’s forward-thinking approach to fintech and digital asset regulation. Under the guidance of MAS, Singapore has evolved into a leading fintech and digital asset hub. 

It has successfully struck a delicate balance between promoting innovation, ensuring consumer protection, and facilitating responsible growth within the crypto and blockchain sectors.

Ripple Follows the Footsteps of Major Financial Players

It is worth mentioning that Ripple’s MPI license follows in the footsteps of other influential players in the blockchain and crypto space.

In June, stablecoin issuer Circle secured an MPI license from MAS, further cementing the importance of Singapore in the world of digital assets and payments. This allowed Circle to expand its operations and provide regulated services to the Singaporean market. Similarly, Blockchain.com crypto exchange joined the ranks of MPI license holders in Singapore in August, as reported by Thecoinrise.