Ripple Acquires License from the Monetary Authority of Singapore for Digital Token Services

Ripple’s Singapore subsidiary is now fully to provide digital payment tokens in Singapore by the Monetary Authority of Singapore (MAS).
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The Monetary Authority of Singapore (MAS) granted Ripple a full Major Payments Institution (MPI) license, bringing it closer to a significant milestone in the Asian market. With the aid of its Singaporean subsidiary Ripple Markets APAC Pte Ltd and its MPI license, Ripple is able to provide cryptocurrency services there.

The Monetary Authority of Singapore (MAS) granted Ripple’s application for an MPI license in principle in June. The license places a strong emphasis on how crypto solutions can be used in real-world commercial and financial settings, paving the path for a wider use of digital assets.

“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth,” Ripple CEO Brad Garlinghouse said in the release.

As 90% of commerce is handled outside of the United States, Ripple‘s statement claims that the company would continue to concentrate on the uptake of its bitcoin products in the Asia-Pacific area.

With the aid of a Singaporean license, Ripple is able to provide services for digital payment tokens. It now joins the group of 14 companies that have also been granted the same license by MAS, including Coinbase, Independent Reserve, and Blockchain.com.

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