Ripple, an enterprise blockchain company, has obtained a new expanded license in Singapore, according to a Monday announcement.
The new license will make it possible for the San Francisco-headquartered company to expand its scope of activities in one of the biggest crypto hubs.
Expanding offerings
Singapore is a key financial hub in Asia It is known for having a clear and progressive regulatory framework for digital assets. Its regulator, the Monetary Authority of Singapore (MAS), has created standards that many other countries look to when designing crypto regulations
Ripple has had its Asia Pacific headquarters in Singapore since 2017, which showcases its long-term commitment to the cryptocurrency-friendly region.
In Singapore, an MPI license is required for companies that provide payment services over certain thresholds.
It allows a company to legally handle various types of payments, including cross-border fund transfers.
Ripple’s Singapore subsidiary already held this MPI license, which is obtained back in 2023.
The key development is that MAS has now approved an expanded scope of payment activities under this license.
With the expanded Singapore MPI license, Ripple can legally onboard more financial institutions in the region.
The expanded license also makes it possible for Ripple to legally support digital payment tokens (DPTs) like XRP in regulated transactions.
Banks and fintechs can now send large volumes of cross-border payments using Ripple’s rails, which is a significant win for the company.
Dan Burgin
U.Today Editorial Team
