International crypto payment services company Ripple (XRP) has achieved the challenge of obtaining a Major Payment Institution (MPI) license in Singapore.
In a statement made by Ripple on Tuesday, October 3, the company’s Singapore subsidiary Ripple Markets APAC From the Monetary Authority of Singapore (MAS) Major Payment Institution (MPI) It was declared that he received the license.
by Ripple 21 June In the statement made on From Singapore’s Central Bank MAS For MPI license approval in principle It was announced that they received it. With this latest development The approval received in principle has become official.
Thanks to this license, Ripple is based in Singapore. individual And institutional to investors digital payment token will be able to provide services. However, this access provided to wider audiences will operate safely under the control of the regulatory authority.
While Singapore draws attention with its strict and detailed regulatory rules, this license a significant achievement It was launched as. The company also stated in its statement that its business 90% of which is conducted outside the USA gave place.
Ripple CEO Brad Garlinghouse In his statement on the subject, he praised Singapore’s inclusive functioning while referring to the strict regulatory environment of the USA:
Singapore has become one of the leading fintech and digital asset hubs that manages to balance innovation, consumer protection and responsible growth. While some countries are putting the brakes on crypto innovation, Singapore is leading the way in adoption, future-proofing the inevitable.
This was launched for Ripple in less than 1 day. second Beautiful development happened. Another development is that the US judge SEC’s Ripple decision rejecting the request to appeal to the court of appeal had happened.
The largest cryptocurrency exchange in the USA coinbaseIn its statement on October 1, it announced that it had joined the cryptocurrency companies that received an MPI license from Singapore.