Ripple has received approval from Singapore’s central bank to expand the scope of its payment activities in the region under its Major Payment Institution license held by its Singapore subsidiary, Ripple Markets APAC.
Ripple Secures Major Regulatory Victory In Singapore
According to a Monday announcement, the Monetary Authority of Singapore (MAS) greenlighted an expanded scope for Ripple’s Major Payment Institution (MPI) license, a high-level license held by only a few crypto firms worldwide.
This expansion allows the blockchain payments firm to widen the reach of its regulated cross-border payments offerings in one of its key global hubs, including via the XRP cryptocurrency and Ripple’s own dollar-pegged stablecoin, RLUSD.
Ripple Payments’ system utilizes RLUSD and XRP for international transactions. The service was designed to serve as an on-ramp and off-ramp supporting collection, holding, swapping, and payouts for banks and fintechs.
Monica Long, Ripple’s President, said in a statement that the company deeply values “Singapore’s forward-thinking approach,” and the “expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”
Asia Pacific Pivotal To Ripple’s Global Business
As Ripple notes, Singapore has one of the most advanced digital-asset regulators in the world.
Ripple has been operating in the region since 2017. The San Francisco-based firm was approved for its MPI license in 2023, which permitted it to provide regulated digital payment services in Singapore. This came even when Ripple was embroiled in a high-profile lawsuit back home with the U.S. Securities and Exchange Commission (SEC).
With this expanded scope of payment activities in Singapore, Ripple can now fortify its foothold in the Asia-Pacific region, which is poised to become the fastest-growing digital-asset market.
According to Ripple’s Vice President and Managing Director in the Asia Pacific, Fiona Murray, the region has been experiencing massive growth, with on-chain activity up a staggering 70% year-over-year, and Singapore sitting “at the center of that growth.”
Source: https://zycrypto.com/xrp-and-rlusd-global-glow-up-continues-as-ripple-secures-key-approval-to-expand-payment-activities-in-singapore/
