In a significant milestone for the cryptocurrency industry, Ripple has secured a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) through its subsidiary, Ripple Markets APAC Pte Ltd. This achievement comes after Ripple received in-principle approval for the license earlier this year.
This licensing development underscores the growing real-world applications of crypto solutions, extending their reach to businesses and financial institutions. It marks a significant step toward broader adoption of digital assets within the financial sector. Singapore, known for its pioneering digital asset regulations, has emerged as an ideal hub for businesses and financial institutions looking to harness the potential of cryptocurrencies for cross-border payments, crypto liquidity, and central bank digital currencies.
Brad Garlinghouse, Chief Executive Officer of Ripple, highlighted Singapore’s pivotal role in Ripple’s global operations, stating,
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”
Singapore’s transformational journey, driven by technology, has played a crucial role in its economic growth and attractiveness to investors. In 2022, the country secured the fourth position on the IMD World Digital Competitiveness Ranking, a testament to its ability to embrace new technologies.
A key factor contributing to Singapore’s success is regulatory clarity, which has provided businesses and institutions with the security and trust needed to explore cryptocurrency solutions. While some countries have adopted a cautious approach to crypto innovation, Singapore has positioned itself as a leader by preparing for the inevitable future of digital assets.
The global financial community increasingly recognizes the permanence of digital assets. A staggering 90% of finance leaders believe that blockchain and digital assets will have a significant or massive impact on business, finance, and society in the next three years. Additionally, nearly half of Asia Pacific finance leaders have plans to utilize cryptocurrencies for cross-border payments.
The shift toward digital payments is a broader trend across the Asia Pacific region, with cashless transaction volumes expected to surge by 109% by 2025. Ripple is committed to prioritizing this region for the adoption of its global payment solutions as it continues to play a pivotal role in the digital transformation of finance.
Source: Ripple Insights Here
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