Ripple President Monica Long has reacted to Ripple securing a major regulatory victory in Singapore. She has framed the license expansion as a significant win for Ripple’s growth and its customers.
"With this expanded scope of payment activities for the MPI license, Ripple can scale our licensed payment services in Singapore for our growing customer base, including banks and fintechs. Proud to keep growing in Singapore."
The Monetary Authority of Singapore (MAS) approved an expanded scope for Ripple’s Major Payment Institution (MPI) license. This is a high-level license that only a limited number of crypto companies globally possess.
Significance of the License Expansion
The MAS has broadened the activities Ripple is permitted to undertake under its MPI license. This enhancement allows Ripple to offer a wider array of regulated payment services, including comprehensive end-to-end cross-border payment solutions. Furthermore, the expanded license enables support for digital payment tokens such as XRP and RLUSD.
This updated license empowers Ripple to scale its payment services effectively in Singapore, catering to a diverse clientele that includes banks, fintech companies, and other cryptocurrency firms.
Singapore is recognized globally as a leader in digital asset regulation, known for its forward-thinking approach. During Ripple's legal proceedings with the U.S. Securities and Exchange Commission, Monica Long specifically commended Singapore for its progressive regulatory framework. This praise followed Ripple's achievement of obtaining a full license to operate within the city-state in 2023.
The recent license expansion further solidifies Ripple's strategic position within the Asia-Pacific region, an area that is rapidly emerging as the fastest-growing market for digital assets.