The Monetary Authority of Singapore (MAS) has taken a progressive stance towards cryptocurrencies by granting Ripple an in-principle approval for a Primary Payments Institution License (MPI). Ripple CEO Brad Garlinghouse praised Singapore’s pragmatic, innovation-driven approach to crypto, highlighting the company’s pride in being one of the few to be granted such a license. With Asia-Pacific cross-border payment solutions thriving and experiencing significant growth, Ripple is doubling its staff in Singapore to meet the growing demand.
Ripple, a leading blockchain payments company, has reached an important milestone in Singapore. The Monetary Authority of Singapore (MAS) granted the company approval in principle for the Primary Payments Institution License (MPI). Ripple CEO Brad Garlinghouse expressed his appreciation for Singapore’s forward-thinking approach to crypto, emphasizing their pragmatic approach to innovation.
Garlinghouse further noted that Ripple is proud to be one of the few companies to be granted an MPI License, which allows them to conduct business with no daily or monthly transaction limits. The license agreement recognizes Ripple’s commitment to providing efficient cross-border payment solutions for businesses and financial institutions in the Asia-Pacific (APAC) region.
As Ripple experiences substantial growth in its APAC operations throughout 2022, the company is expanding its base in Singapore and doubling its staff to meet the growing demand for its services. Ripple’s positive experience in Singapore aligns with the company’s vision for the region, expecting it to capitalize on the myriad benefits of supporting digital asset technologies while taking the lead in shaping the future of global regulation.
MAS operates three types of payment service provider licenses, and MPI licenses have significant advantages for holders. Eligibility criteria include having a company or branch registered in Singapore, maintaining a permanent place of business to store records, a minimum capital base of $250,000, and at least one director with Singapore residency or citizenship. Applicant’s track record, financial condition and whether the company is subject to proper scrutiny by regulatory authorities may also be considered.
This approval is especially important for Ripple, as it is currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The lawsuit alleges that Ripple raised $1.3 billion through unlisted securities using its XRP token and is nearing a final judgment. The MPI Licensing demonstrates Ripple’s ability to navigate the regulatory landscape globally, solidifying its position as a leading player in the crypto industry.
Despite the ongoing legal challenges, XRP, Ripple’s native token, saw a 5.7% swing on June 22, hitting a seven-day high of $0.5272. This positive market reaction reflects investors’ confidence in the prospects for Ripple’s continued growth and expansion.
The Monetary Authority of Singapore’s in-principle approval of Ripple’s Major Payments Institution License strengthens the city-state’s reputation as a crypto-friendly hub. Ripple CEO Brad Garlinghouse praised Singapore’s innovative regulatory approach and expressed delight at the company’s continued growth in the APAC region. As Ripple expands its cross-border payment solutions, its success in obtaining an MPI License demonstrates its ability to thrive amidst legal challenges. The market’s positive response to XRP’s recent performance further underscores the confidence in Ripple’s future prospects in Singapore and beyond.