Recently, the Monetary Authority of Singapore (MAS) granted Ripple a Major Payments Institution (MPI) license, allowing the company to offer comprehensive payment services in the country.
This comes after Ripple received an in-principle license to provide digital payment token services earlier this year.
With this new license, Ripple can now extend its services to offer crypto payment solutions for financial institutions in Singapore, a country known for its forward-thinking approach to asset regulation.
Ripple has been operating in Singapore since 2017 and considers it a pivotal location for its Asia-Pacific operations.
Brad Garlinghouse, CEO of Ripple, emphasized the importance of Singapore in the company’s global strategy, highlighting the talent pool and favorable regulatory environment.
Ripple has been grappling with regulatory challenges in the United States, particularly concerning the status of its digital asset, XRP.
The company explored relocating its operations out of the US due to these challenges and identified the UK and Singapore as promising options. The favorable regulatory landscape in Singapore, coupled with its commitment to innovation and consumer protection, made it an ideal choice.
In addition to its success in Singapore, Ripple secured a significant legal victory in the US. Judge Analisa Torres recently ruled that XRP sales to retail customers do not qualify as securities under US law.
This decision dealt a blow to the US Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, who had been advocating for a broad categorization of cryptocurrencies as securities.
Although the SEC attempted to appeal the ruling, Judge Torres denied the motion due to insufficient evidence. This development allows the case to proceed to a more conclusive phase as both parties prepare for a single round of appellate review.