The Monetary Authority of Singapore (MAS) has approved Ripple’s application for a Major Payment Institution (MPI) license in principle.
Comment, CEO of Ripple Brad Garlinghouse said Singapore is “taking a pragmatic, innovation-oriented approach to crypto.Garlinghouse also said it is proud that Ripple is one of the few companies to have received an MPI license.
Ripple stated that its cross-border payment solutions in Asia and the Pacific, which serve businesses and financial institutions, had experienced tremendous growth by 2022. This expanded its base in Singapore and doubled its staff to meet demand.
In addition, the firm praised the central bank’s innovative approach to fintech regulation, adding that the region is poised to “reap the myriad benefits” of supporting digital asset technology while leading the way in future global regulation. The statement signed:
“This approval in principle marks a major turning point in the country’s positive and progressive adoption of digital assets, and Ripple looks forward to continued growth and expansion in Singapore and the rest of the APAC region.”
The MAS manages three types of payment service provider licenses: standard payment institution, major payment institution, and money exchange.
The MPI license allows the holder to conduct business without being subject to daily/monthly limit thresholds. The eligibility criteria include having a Singapore registered company or branch, a permanent place of business to store records, a minimum capital base of $250,000 and at least one director with Singapore residency or citizenship.
MAS also stated that the applicant’s track record, financial condition, and whether the company and related entities are already subject to “proper oversight by an appropriate regulatory body” may also be considered.
The license approval comes as the ongoing U.S. Securities Exchange Commission (SEC) vs. Ripple lawsuit almost finalized.
The SEC sued Ripple in December 2020 over allegations of offering and raising $1.3 billion in unregistered securities through the XRP token.
XRP registered a 5.7% swing on the June 22 daily candle to peak at $0.5272, marking a seven-day high.
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