Ripple has recently been granted a digital asset license by the Monetary Authority of Singapore.
This license, known as the Major Payments Institution (MPI) license, allows the company to offer regulated digital asset token services in Singapore through its subsidiary, Ripple Markets APAC Pte Ltd.
According to Ripple CEO Brad Garlinghouse, Singapore has been a critical location for the company’s Asia Pacific operations since 2017.
With the newly obtained license, the company plans to continue expanding its presence in the country, which is known for its progressive approach to fintech and digital asset regulation.
Ripple’s focus on crypto adoption in the Asia Pacific region is driven by its rapid growth in that area, according to the company’s statement.
The company’s efforts to promote the use of cryptocurrencies in this region align with the Singapore government’s goal of striking a balance between innovation, consumer protection, and responsible growth.
