After receiving the in-principle approval from the Monetary Authority of Singapore (MAS) in June this year, Ripple's Singapore subsidiary Ripple Markets APAC Pte Ltd has officially obtained a full MPI license, allowing Ripple to provide digital asset payment services to customers in compliance with regulations.
After Ripple won an initial victory in its lawsuit against the U.S. Securities and Exchange Commission (SEC) on July 7, it received good news again on October 13, when U.S. federal judge Analisa Torres of the Southern District of New York rejected the SEC’s request to file an interlocutory appeal in the Ripple case.
Ripple is also constantly advancing around the world, and Singapore is one of the most important operating licenses
Brad Garlinghouse, CEO of Ripple, said:
Singapore has been a key location for Ripple’s global business since we established our Asia Pacific headquarters in 2017. We have hired exceptional talent and local leadership, doubled our headcount over the past year, and plan to continue expanding our presence in jurisdictions like Singapore.
Under the MAS’ leadership, Singapore has evolved into one of the leading fintech and digital asset hubs, striking a balance between innovation, consumer protection and responsible growth.
Ripple believes that payments in the Asia-Pacific region will continue to move towards digital payments, with cashless transactions expected to increase by 2025% by 109, and Ripple will continue to prioritize Singapore to promote its global payment solutions.
Coinbase also received a Singapore payment license this week
Coinbase was also awarded a major payment institution (MPI) license by the Monetary Authority of Singapore this week, and the exchange also highlighted Singapore as a “priority market” in its international expansion.
In response to obtaining the MPI license in Singapore, Coinbase plans to develop customized products specifically tailored for Singaporean users, such as the previously launched multiple deposit and withdrawal options: PayNow and FAST bank transfers.
At the same time, the exchange also plans to launch a fee-free purchase of USDC using Singapore dollars (SGD), lowering the threshold for Singapore customers to enter Web3.
As large European and American institutions have successively landed in Singapore and obtained licenses, Singapore's crypto compliance has entered the fast lane. A new global settlement center for crypto payments is taking shape, and is also attracting more upstream and downstream institutions in the industry to land in Singapore. I believe that in the future it will also attract more traditional
Large financial institutions prefer Singapore as the preferred location for crypto business to land in Asia.