Obtaining the license is an all-important move for Ripple, especially for its keen interest in growing its presence in the APAC region.
The Singapore arm of Ripple may have just obtained the full license it requires to become a major payment institution (MPI) in the region. This follows after the firm fulfilled all requirements stipulated by the Monetary Authority of Singapore (MAS).
As is common with the MAS, the regulator had previously issued Ripple an initial in-principle approval in June. However, with the full license, the crypto firm may now continue to provide digital payment token services in the region.
Ripple Eyes APAC Expansion via Getting License in Singapore
Obtaining the license is an all-important move for Ripple, especially for its keen interest in growing its presence in the Asia-Pacific (APAC) region.
Presently, the firm conducts over 90% of its business outside of the United States as a result of the ongoing legal battle with the Securities and Exchange Commission (SEC). However, of all its business arms, Singapore is proving to be the real deal while to a large extent, the APAC region is one of its fastest-growing regions.
In view of this, Ripple says it will continue to prioritize the region for adoption of its crypto payment services.
Singapore’s Regulatory Outlook
Singapore may gradually be establishing itself as a haven for crypto firms, or so would many like to believe. For context, Ripple’s MPI license is one of many similar regulatory approvals that the country has been doling out recently.
As Coinspeaker recently reported, crypto trading firm GSR also obtained an in-principle approval earlier this week. That is not to mention that the American exchange Coinbase also obtained a full MPI license from the MAS.
However, despite Singapore’s seemingly friendly approach, regulatory requirements in the region are not exactly absent. As a fact, many firms such as GSR believe that the admission requirements set by MAS are rigorous, to say the least.
Nonetheless, data provided by Coinbase suggests that 25% of surveyed Singaporeans see crypto as the future of finance. And from the look of things, they might be well within their rights considering that the city-state hosts no less than 700 Web3 companies.