Ripple has secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore.
The new license grants Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd. permission to offer regulated digital asset payment services in the country going forward.
Ripple has since made Singapore its Asia Pacific headquarters since 2017. However, it has only received an in-principle MPI license so far. Commenting on the license, Ripple CEO Brad Garlinghouse said:
“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,” he added.
Ripple says it intends to make Asia Pacific a priority in furthering crypto adoption, since it is one of the company’s fastest growing regions.
The company operates in many regions of the world and with many businesses that believe in the application of blockchain technology for faster, cheaper, and more efficient cross-border payments.
Ripple Expands Despite Legal Battle
Ripple has been expanding in its reach to different countries and jurisdictions. The MPI license from Singapore is the latest of the licenses the company has secured so far.
It is interesting that all these expansions have been achieved despite the legal battle that Ripple – like many other crypto companies in U.S. – is facing.
After a favorable ruling against the SEC in July, Ripple heaved a sigh of relief and its token XRP made some impressive gains. However, it didn’t take long before the SEC appealed the ruling and dragged the company to court again.
The SEC is seeking to prove that XRP sales by the company and its senior executives, Brad Garlinhouse and Chris Larsen, violated securities laws.
Fortunately though, the court has been favoring the company, with a recent denial of the SEC’s application for interlocutory appeal.
The combination of the license from Singapore and the victory at the court has made XRP price to surge roughly 4% in the last 24 hours, making it the best performing asset among the top ten.
Other Licenses granted by MAS
This week, MAS has been awarding licenses to crypto companies in line with its pro crypto policies.
The agency issued Coinbase a full MPI license on Monday, after it had issued the company an in-principle MPI license last year.
It also granted crypto investment platform Sygnum a full MPI license, as well as an in-principle MPI license to GSR on Tuesday.
