Singapore’s Monetary Authority Grants Full Crypto License to Ripple, Signaling Wider Adoption

B. Ali
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The Monetary Authority of Singapore (MAS) has given Ripple the green light to offer cryptocurrency services. Ripple, a company specializing in blockchain-based solutions, happily shared this news. They clarified that their Singapore-based subsidiary, Ripple Markets APAC Pte Ltd., has been granted a full Major Payments Institution (MPI) license by MAS.

Notably, this license enables them to provide digital payment token services. Thereby, it’s a significant milestone for Ripple, coming four months after they received initial approval.

Hence, this development highlights how practical cryptocurrencies can be for businesses and financial institutions. It’s a big step towards getting more people to use digital assets.

Singapore’s Crypto-Friendly Environment Attracts Ripple

Singapore has a strong reputation for leading the way in creating rules for digital assets like cryptocurrencies. Consequently, Ripple, a company that deals with cryptocurrencies, thinks it’s a great place for businesses and banks to use cryptocurrencies for international payments.

Furthermore, it believes that Singapore has enough cryptocurrency available for trading. Additionally, it sees Singapore as an ideal location for creating digital currencies for central banks.

Brad Garlinghouse, the boss of Ripple, says that Singapore has been super important for their business in Asia. Moreover, they’ve hired a bunch of talented people and leaders locally. In addition, they’ve even doubled the number of employees in the past year.

Furthermore, Ripple plans to keep growing in Singapore because it’s a forward-thinking place that’s friendly to companies like theirs.

Singapore’s Crypto Regulatory Clarity and Ripple’s Legal Victory in the U.S.

This week, Coinbase, a popular cryptocurrency exchange listed on Nasdaq, shared that it also got the green light from the Monetary Authority of Singapore (MAS) for a full Major Payments Institution (MPI) license. Additionally, they see Singapore as a crucial market for their crypto business.

In its announcement, Ripple praised Singapore for being clear about the rules around cryptocurrencies. Furthermore, they believe this clarity is a key reason why Singapore is doing so well in the crypto world. Consequently, it provides a safe and trusted environment for businesses and institutions to explore using cryptocurrencies.

Ripple also pointed out that while some countries are being cautious about crypto, Singapore is taking steps to be prepared for the future of digital currencies. Furthermore, in the United States, Ripple had a legal victory against the Securities and Exchange Commission (SEC). Additionally, a judge denied the SEC’s attempt to challenge a previous ruling related to Ripple’s cryptocurrency XRP.

Thereby, both Ripple and Coinbase are excited about doing business in Singapore because it has clear rules for cryptocurrencies. Consequently, they think Singapore is smart to prepare for digital money’s future. Apart from this, Ripple also won a legal battle in the U.S. regarding its cryptocurrency, XRP.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.