Blockchain payments company Ripple has been granted a digital asset license by the Monetary Authority of Singapore.
Ripple recently received a Major Payment Institution (MPI) license, allowing the company to provide regulated digital asset token services in the country. The license applies to Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd.
“Since establishing our Asia Pacific headquarters in Singapore in 2017, the country has been key to Ripple’s global operations. We have hired exceptional talent and local leadership, doubled our headcount over the past year, and plan to continue expanding our presence in progressive jurisdictions like Singapore,” said Brad Garlinghouse, Ripple’s CEO, in a statement. “Under MAS’ leadership, Singapore has evolved into one of the leading fintech and digital asset hubs, balancing innovation, consumer protection, and responsible growth.”
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been key to Ripple’s global operations. We have hired exceptional talent and local leadership, doubled our headcount over the past year, and plan to continue growing our operations in progressive jurisdictions like Singapore,” Ripple CEO Brad Garlinghouse said in a statement. “Under MAS’ leadership, Singapore has evolved into one of the leading fintech and digital asset hubs, balancing innovation, consumer protection, and responsible growth.”
According to a company release, Ripple intends to continue prioritizing cryptocurrency adoption in the Asia-Pacific region, as the region is one of the company’s fastest-growing regions.
Ripple joins a host of other prominent web3 companies in receiving an MPI license from the Monetary Authority of Singapore. As previously reported by The Block, stablecoin issuer Circle received one in June this year, followed by major cryptocurrency exchange Coinbase on October 2.