The Monetary Authority of Singapore (MAS) granted Ripple in-principle approval for a Major Payments Institution license MPI.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. ??
Learn more: https://t.co/8Ylc3lZSeg
— Ripple (@Ripple) June 22, 2023
The Monetary Authority of Singapore (MAS) said the decision will allow Ripple Markets APAC Pte Ltd to offer regulated products and services in the digital asset token space.
The company intends to continue expanding its cryptocurrency payments business in Singapore and across the Asia-Pacific region (APAC).
«The Ripple payment solution in 2022 significantly expanded the client base in APAC, enabling businesses and financial institutions to optimise cross-border transfers. The number of employees in the Singapore office has doubled to meet rising demand in the region», the statement said.
Ripple joined a list of fewer than 20 holders of preliminary approval or the license itself from MAS.
Earlier in June, entered this list, the issuer of the stablecoin USDC — Circle.