Blockchain payment solutions provider Ripple has successfully obtained its digital asset license from the Monetary Authority of Singapore, a major milestone for the company.
Ripple Receives Digital Asset License from Singapore Monetary Authority
This newly acquired Major Payments Institution (MPI) license authorizes Ripple to offer regulated services for digital asset tokens in Singapore. The license is specifically granted to Ripple's subsidiary in Singapore, Ripple Markets APAC Pte Ltd. Valid for.
Ripple CEO Brad Garlinghouse expressed the important role Singapore has played in the company's global operations since establishing its Asia Pacific headquarters in 2017.
Garlinghouse highlighted significant growth in talent acquisition and local leadership, with headcount doubling in the past year.
He also emphasized the company's commitment to further expand its presence in Singapore, which is known for its progressive approach to fintech and digital asset efforts.
“Under MAS' leadership, Singapore has become one of the leading fintech and digital asset hubs, striking a balance between innovation, consumer protection and responsible growth,” Garlinghouse said.
Ripple has made it clear that it will continue to prioritize the adoption of cryptocurrencies in the Asia Pacific region.
*This is not investment advice.