Ripple President Monica Long has already reacted to Ripple securing a major regulatory victory in Singapore.
She has framed the license expansion as a major win for Ripple’s growth and 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,” she said.
As reported by U.Today, the Monetary Authority of Singapore (MAS) approved an expanded scope for Ripple’s Major Payment Institution (MPI) license, which is a high-level license that only a few crypto companies globally possess.
Why it matters
MAS expanded what Ripple is allowed to do under its MPI license. This lets Ripple offer more regulated payment services, including end-to-end cross-border payments. Moreover, it enables support for digital payment tokens like XRP and RLUSD
The expanded license lets Ripple scale its payment services in Singapore for banks, fintechs, and crypto companies.
Singapore is, of course, one of the most advanced digital-asset regulators in the world
With the recent license, Ripple can now strengthen its position in the Asia-Pacific region, which is shaping up to be the fastest-growing digital-asset market.
