Ripple Shakes Up The Crypto World With Massive Regulatory Approval In Singapore

In a recent development, the technology company focused on providing solutions for cross-border transactions and remittances, Ripple, recorded a significant achievement.

Notably, the blockchain company secured significant approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore.

This development has sparked speculation and curiosity among investors and traders, as this might be considered a potential buy signal for Ripple (XRP).

Meanwhile, a lawsuit was filed against the Ripple network by the US. SEC, alleging that XRP conducted a $1.3 billion unregistered securities offering, is still ongoing.

Ripple Joins Elite Ranks: Among Top 20 Firms Granted MAS MPI License in Singapore

A major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) places Ripple in an exclusive group of 20 firms that have received such recognition. 

The approval highlights its commitment to revolutionizing cross-border transactions and underscores Ripple’s standing as a trailblazer in the cryptocurrency space. In a recent expression on Twitter, the CEO of the XRP Network, Brad Garlinghouse, shared his feelings of great pride. 

Brad said, “We’re incredibly proud Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”

He specifically praised Singapore for its practical and creative approach to dealing with cryptocurrencies and the overall crypto industry.  Garlinghouse appreciates the way Singapore is embracing and adapting to the ever-evolving world of digital currencies.

Ripple’s Chief Legal Officer Comments on Singapore’s Exemplary Leadership

On June 21, the Chief Legal Officer of Ripple, via Twitter, commended Singapore’s effort in creating a clear and understandable regulatory framework for the crypto ecosystem.

He highlighted that the regulatory approval given by the Monetary Authority of Singapore (MAS) is significant because it enables Ripple to provide better support to customers interested in using cryptocurrency technologies. 

This approval allows XRP to help these customers in building a financial system that is more inclusive and accessible across borders.

Ripple’s MPI License Opens Doors to APAC Expansion, Accelerating Presence in the Region

In a recent press release, Ripple emphasized that this approval will allow the offering of regulated digital payment token products by Ripple’s Singapore-based arm and Markets APAC Pte Ltd within the city-state.

Ripple’s achievement paves the way for expanding its customer base and enables the facilitation of crypto-enabled payments throughout the Asia-Pacific (APAC) region, going beyond Singapore. This development positions Ripple to scale its operations and promote broader adoption of digital payments across APAC.

Notably, Ripple has played a crucial role in transforming payments between different countries. Their innovative solutions have been popular, especially in the Asia-Pacific (APAC). 

Due to the increasing demand for their services, Ripple has expanded its team in Singapore by doubling its workforce to serve customers in APAC better and meet the market’s growing needs.