Ripple, the crypto payments giant's Singapore subsidiary, has clinched a significant milestone by securing its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). With this MPI license, Ripple Markets APAC Pte Ltd, the local branch, is now authorized to offer digital payment token services in Singapore.
This achievement underscores Ripple's commitment to driving wider crypto adoption, with Singapore's regulatory environment playing a pivotal role in fostering innovation and responsible growth. Singapore has emerged as a fintech and crypto hub under MAS leadership, striking a balance between innovation and consumer protection.
Brad Garlinghouse, Ripple CEO, praised Singapore's progressive jurisdiction and highlighted the company's continued expansion in the region. Ripple has been rapidly growing its presence, hiring local talent and doubling its headcount over the past year.
Notably, more than 90% of Ripple's business is conducted outside the United States, and the Asia Pacific region is witnessing substantial growth in the crypto industry.
This stands in contrast to Ripple's situation in the United States, where it faced legal challenges from the Securities and Exchange Commission (SEC) in 2020. However, in a landmark victory for the crypto industry, Ripple emerged triumphant in a legal battle with the SEC in July 2023, affirming that its native currency XRP is not a security.
Singapore's regulatory clarity has been a significant contributor to the city-state's success in the crypto space, fostering security and trust for businesses and institutions. As Ripple continues its global payments solutions rollout, it has prioritized the Asia Pacific region due to its burgeoning growth in the crypto sector.