Ripple announced receiving the MAS’s (Monetary Authority of Singapore) approval for the MPI (Major Payments Institution) license.
Now, the blockchain can legally offer its digital payment services in Singapore. Ripple will use its Singapore-based subsidiary, Ripple Markets APAC Pte Limited, for this purpose.
The license shows the real-world utility of Ripple and cryptocurrencies for businesses. As a leader in digital asset regulation, Singapore holds a massive market for ventures like Ripple. The crypto hub houses a vast network of central bank digital currencies, cross-border payment providers, and crypto liquidity providers.
The announcement has shifted the focus of the industry to Ripple. Now, traders are reassessing their portfolios based on the future of XRP. Although, Ripple made waves in the industry after securing a monumental win against the SEC in 2023.
Now, the network is reestablishing its roots in the market as a leader. Brad Garlinghouse, the CEO of Ripple, talked about the recent development. According to the CEO, Singapore has been crucial for Ripple’s growth ever since the network established its Asia Pacific headquarters in the region.
Ripple has onboarded exceptional talent and leadership in the past year. With the MAS licenses, Ripple will expand its reach in the digital asset and FinTech industries. It will lead to a balance between consumer protection, responsible growth, and innovation, added Garlinghouse.
Singapore has always been the center of transformation for new technologies. The nation has been inviting new investments for years due to its streamlined government services. The country even placed fourth on the IMD World Digital Competitiveness Ranking in 2022.
The metric measures a nation’s ability to adopt advanced technologies. Thus, Singapore has proved its mantle in the domain on a global scale. Experts expect digital assets and blockchain to dominate the financial industry in the upcoming decade.
Given how crucial Singapore has been for these domains, Ripple’s expansion in the nation will certainly yield healthy results for the blockchain.