$Ripple gets MPI license in Singapore and here's why it's important
On the day the US court rejected the preliminary appeal submitted by the Securities and Exchange Commission. Ripple has scored another big win by obtaining in-principle approval for its Master Payments Institution (MPI) license from the central bank of Singapore.
Ripple stated : âFour months later, Ripple is pleased to reveal the achievements of its branch in Singapore. Ripple Markets APAC Pte Ltd. It has successfully obtained a full MPI license to provide tokenized digital payment services within Singapore.â
This significant achievement highlights the practicality of cryptocurrency solutions for both businesses and financial institutions. This represents a pivotal step towards wider acceptance and use of digital assets.
Major US cryptocurrency companies are moving to Singapore amid strict regulations in the US. Singapore, on the other hand, has taken an accommodating stance. Just two days ago, cryptocurrency trading platform Coinbase (NASDAQ: COIN ) also received an MPI license from the Monetary Authority of Singapore.
Ripple lauds Singapore's legislation Singapore has gained a reputation as a leader in regulating groundbreaking digital assets. It has positioned itself as an ideal hub for businesses and financial institutions to leverage the potential of cryptocurrencies for various purposes. Including cross-border payments, crypto liquidity, and central bank digital currencies.
One of the key factors fueling Singapore's success in this area is regulatory clarity. Which plays a pivotal role in establishing security and trust for companies and institutions as they venture into the world of cryptocurrency solutions. While some countries are adopting a cautious approach towards cryptocurrency innovation. Singapore stays ahead of the curve by proactively preparing for the future.
Speaking about the development, Brad Garlinghouse, CEO of Ripple, said: âUnder the leadership of MAS. $XRP
