An advanced report by Ripple revealed that its affiliate company, Ripple Markets APAC Pte Ltd, has secured a major payments institution (MPI) license to operate in Singapore. The approval of the MPI license marks another big win for Ripple a day after a court in the US denied an interlocutory appeal filed by the Securities and Exchange Commission (SEC) against Ripple.
In a blog post dated October 4 Ripple stated that the approval of the MPI license aligns with its global expansion plan to operate as a regulated entity. In June, the Ripple team secured an in-principle approval from the Monetary Authority of Singapore (MAS).
Ripple Obtains License to Operate in Singapore
Primarily, the pursuit to expand to Singapore aimed at allowing Ripple to advance its on-demand liquidity for the XRP users. Also, the company aimed to broaden its market presence to offer innovative crypto solutions to Singaporean users.
A report from the chief executive of Ripple, Brad Garlinghouse, revealed that for the last six years after the launch of the APAC headquarters, Singapore has offered endless opportunities to the company.
He admitted that Ripple had positioned itself in the vibrant global market after entering Singapore. In particular, Ripple has solidified its market presence in the Asian Pacific and other viable markets outside the US.
Ripple Facing Regulatory Pushback in the US
Earlier, Ripple recognized the collaborative approach between businesses and regulators in most Asian Pacific countries, such as Hong Kong and Singapore. The CEO stated that approximately 90% of Ripple’s operations are outside the US.
Speaking on regulating crypto assets, Garlinghouse confessed that lack of regulatory clarity in the US has forced firms to pursue other suitable markets overseas. Reportedly, Ripple leads the list of crypto firms engaging in regulatory pushback with the SEC after being accused of offering unregistered XRP securities amounting to over $1.3 billion.
Despite the legal action facing Ripple in the US, the CEO was pleased to announce that since 2017, company has been expanding its talent bar by hiring dedicated employees in the region to optimize productivity at the workplace. Garlinghouse vowed to remain committed to broadening its sphere of influence in Singapore.
Analyzing Suitability of Singapore Crypto Market
Besides the suitability of the Singapore market, the CEO acknowledged the remarkable achievements made by MAS in sustaining economic growth. He praised the MAS for maintaining balance in promoting innovation and safeguarding consumer protection.
The executive stated that with the MPI license, Ripple can offer regulated digital assets products and solution compliantly.
Interestingly, obtaining the MPI license has fueled Ripple to gain bullish momentum in its XRP price front. At press time 09:06 UTC, XRP has attained a slight upside of 4.20% to trade at $0.5313 in a day. CoinMarketCap data shows that in the last 24 hours, XRP daily trading volume surged by 83% to reach $1.6million.
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