Crypto News– The blockchain payments company Ripple has successfully obtained a digital asset license from the Monetary Authority of Singapore.
Ripple secures a digital asset license granted by the Monetary Authority of Singapore
Ripple’s newly acquired Major Payments Institution (MPI) license grants the company the authority to provide regulated digital asset token services nationwide. This license pertains explicitly to Ripple’s subsidiary in Singapore, known as Ripple Markets APAC Pte Ltd.
Brad Garlinghouse, the CEO of Ripple, expressed the significance of Singapore in the company’s global operations, 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. Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection, and responsible growth.’
Ripple remains committed to promoting cryptocurrency adoption in the Asia Pacific region, acknowledging it as one of the company’s fastest-growing markets, as highlighted in an official statement.
Ripple now joins a prestigious group of web3 companies that have received the Monetary Authority of Singapore’s MPI license. Notably, Circle, a stablecoin issuer, was granted one in June of this year, followed by the major cryptocurrency exchange Coinbase on October 2, as previously reported by The Block.
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