Singapore approves Ripple’s Major Payment Institution license application
The Monetary Authority of Singapore (MAS) approved In principle, Ripple applies for a Major Payment Institution (MPI) license.
Comment from Ripple CEO Brad Garlinghouse Singapore said “”.We take a pragmatic, innovation-first approach to cryptocurrencies.Garlinghouse also said that Ripple is proud to be one of the few companies granted an MPI license.
ripple announced that cross-border payment solutions in the Asia-Pacific region serving businesses and financial institutions experienced significant growth in 2022. This has resulted in the expansion of the Singapore office and the addition of staff double to meet the demand.
Additionally, the firm praised the central bank’s innovative approach to fintech regulation, saying the region would “reap myriad benefits” from supporting digital asset technology while spearheading future global regulation. I added that it would. The statement was signed as follows:
“This approval in principle marks an important turning point in the country’s aggressive and progressive adoption of digital assets, and Ripple looks forward to continued growth and expansion across Singapore and the APAC region. increase.”
MAS operates three facilities. kinds Payment Service Provider License – Standard Payment House, Large Payment House, Currency Exchange.
The MPI license allows the owner to conduct business without subjecting to daily/monthly limits. Eligibility criteria include having a company or branch registered in Singapore, having a permanent place of business to keep records, having a minimum share capital of $250,000 and having a director who is resident or a national of Singapore. includes at least one
MAS said the applicant’s track record, financial situation and whether the company and related entities are already subject to “appropriate oversight by the competent regulator” may also be considered.
The license approval comes as the ongoing U.S. Securities and Exchange Commission (SEC) v. Ripple lawsuit nears final judgment.
In December 2020, the SEC sued Ripple for allegedly offering and raising $1.3 billion in unregistered securities through the XRP token.
XRP posted a 5.7% move on the June 22 daily candlestick, peaking at $0.5272 and hitting a seven-day high.
Singapore Approves Ripple’s Primary Payment Institution License Application This article first appeared on CryptoSlate.
