Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, has obtained its MPI license for digital payment tokens (DPTs) from the MAS, following the regulatory body’s in-principle approval in June 2023. Singapore’s Payment Services Act has laid a strong regulatory foundation for DPTs, and this license allows Ripple to maintain its provision of regulated digital payment token services in Singapore, a crucial market for its global operations.

Ripple’s license acquisition is part of a wider regulatory trend in Singapore. On October 2, 2023, GSR Markets Pte. Ltd. received In-Principle Approval for an MPI license, joining Coinbase Singapore, Circle, Blockchain.com, and Crypto.com in securing full MPI licenses this year. These approvals emphasize the competitive yet well-regulated landscape in Singapore, which is swiftly emerging as a global hub for blockchain and cryptocurrency businesses. The series of approvals from MAS underscores the city-state’s dedication to nurturing a vibrant yet responsibly regulated digital asset ecosystem.

Brad Garlinghouse, Ripple’s CEO, saying

“Singapore has been central to Ripple’s global operations since we established it as our Asia Pacific headquarters in 2017.” Ripple has substantially increased its workforce in Singapore over the past year and intends to further expand in the region. With more than 90% of its business occurring outside of the United States and the Asia Pacific being one of its fastest-growing markets, Ripple plans to capitalize on Singapore’s regulatory clarity and thriving crypto ecosystem to fuel its future growth.

Ripple remains actively engaged in discussions with policymakers and regulators, aiming to promote responsible innovation within the digital assets sector. The company is committed to ongoing collaboration with the MAS, and its key executives are scheduled to address the Elevandi Insights Forum and the Singapore Fintech Festival from November 14 to 17, 2023. These speaking engagements are integral to Ripple’s broader strategy of cultivating partnerships with regulatory authorities and playing a role in shaping the future of digital assets.

Ripple stands at the forefront of enterprise blockchain and cryptocurrency solutions, with a mission to revolutionize global financial systems.Singapore, which ranked fourth in the 2022 IMD World Digital Competitiveness Ranking, has played a crucial role in attracting businesses and financial institutions to explore crypto solutions due to its regulatory clarity. With over 700 Web3 companies and a substantial portion of its population involved in crypto activities, Singapore serves as a pivotal market for the expansion of the crypto and Web3 economy.