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- Ripple has secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to provide digital token payment services in the country.
- Ripple’s XRP cryptocurrency experienced a notable surge, gaining over 5 percent and reaching $0.53 in price, subsequently entering the top five cryptocurrencies by market capitalization.
Blockchain startup Ripple strikes a big victory by securing a full license to offer digital token payment services in Singapore. On Tuesday, October 3, the Monetary Authority of Singapore (MAS) granted a Major Payments Institution (MPI) license to Ripple Markets APAC Pte Ltd.
Ripple calls it a huge milestone as it underscores the real-world use of crypto solutions for businesses as well as financial institutions alike. It also marks an important step towards the adoption of digital assets.
Singapore has gained recognition as a trailblazer in the realm of digital asset regulation, solidifying its position as an attractive hub for enterprises and financial institutions seeking to leverage the potential of cryptocurrencies for purposes such as cross-border payments, crypto liquidity, and the development of central bank digital currencies.
The development comes at a time when Ripple has been facing major regulatory heat in the US. As a result, it has gone on a hiring spree in the overseas market to acquire fresh talent for its crypto business, and Singapore remains a key destination. Earlier this week, crypto exchange Coinbase also announced securing an MPI license from the Monetary Authority of Singapore.
Singapore Leading Asia Pacific’s Blockchain Growth
Singapore boasts a rich history of embracing technological advancements as catalysts for economic growth, attracting fresh investments, and streamlining government services. A pivotal contributor to Singapore’s accomplishments is its commitment to regulatory transparency, which fosters a secure environment and engenders trust among businesses and institutions exploring cryptocurrency solutions.
While some nations are adopting a cautious approach to crypto innovation, Singapore remains at the forefront, proactively preparing for the inevitable changes ahead. The consensus among global financial leaders is that digital assets are a permanent fixture. An overwhelming 90 percent believe that blockchain and digital assets will exert a significant or even massive impact on business, finance, and society within the next three years.
Moreover, nearly half of Asia Pacific finance leaders are gearing up to employ cryptocurrencies for cross-border payments, demonstrating the region’s proactive stance in this evolving landscape, notes Ripple. Speaking on the development, Brad Garlinghouse, Chief Executive Officer of Ripple said:
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.
XRP Price Rallies As Court Denies SEC Motion
Ripple’s native cryptocurrency XRP made a strong surge gaining over 5 percent and shooting all the way to $0.53. With this, the XRP cryptocurrency has entered into the list of top five cryptocurrencies by market cap.
The major boost to XRP price comes as the US court denied the SEC’s appeal of the interlocutory motion. This is one more victory for Ripple in proving that XRP isn’t a security.
