Ripple, a global leader in blockchain and cryptocurrency solutions, announced on Wednesday that its Singapore-based subsidiary, Ripple Markets APAC Pte Ltd, has obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval follows MAS' initial provisional acceptance of Ripple's license application back in June 2023.
The MPI license is part of Singapore's progressive regulatory framework for digital payment tokens (DPTs) under the Payment Services Act. The acquisition of this license marks a significant milestone for Ripple's expansion in the region.
Brad Garlinghouse, CEO of Ripple, applauded this development. He underscored the pivotal role that Singapore plays in Ripple's global business growth strategy. His comments reflect the company's commitment to adhering to regulatory standards and its ambition to extend its reach in the rapidly evolving digital payments landscape.
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