In line with its substantial progress towards more extensive cryptocurrency acceptance, Ripple Markets APAC Pte Ltd, a Singapore branch of the crypto-payment titan, has officially been endowed with its Major Payments Institution (MPI) license. This awaited decision has unraveled from the Monetary Authority of Singapore (MAS). Now possessing this MPI license, Ripple’s local arm can provide its city-state clients with digital payment token services.
This remarkable development was warmly met by Ripple, which noted the license as an influential stride towards a broader embrace of digital assets. Notably, Singapore’s central bank, MAS, so far has handed out MPI licenses to 14 digital asset businesses, with the fresh approval for Ripple being among three permits granted just this week. Other recently approved entities comprise Coinbase and Sygnum.
It’s interesting to observe that Ripple has been flourishing in Singapore while concurrently enduring rigorous regulatory scrutiny in the United States. Thus, almost like an architectural yin-yang, the journey of Ripple paints a stark contrast between the regulatory landscapes.
In the US, Ripple and its co-founders ran afoul of the US Securities and Exchange Commission (SEC), which accused Ripple of unlawfully selling its native XRP currency sans registration with the governing body. This central contention, which Ripple rebutted by maintaining that XRP was “not a security”, culminated in mid-2021 when Ripple registered a victorious case. This not only marked a definitive legal win for the cryptocurrency industry but also bolstered the value of XRP substantially.
On the contrary, Ripple’s journey in Singapore unraveled far more smoothly. The regulatory clarity within the city-state is lauded as a vital element to its success, fostering an environment of security and trust that encourages businesses and institutions to investigate crypto solutions.
Capitalizing on this uniquely favorable scenario, Ripple has made clear plans to “prioritize” Asia Pacific for the integration of its global payment solutions. After all, the region’s growth trajectory in the sector is indeed enticing and promises an advantageous position in the ever-evolving crypto sphere.
In this account, one thing is clear: the disparate regulatory stances of countries can markedly influence the fate of a digital asset, and well-perceived regulation might indeed be pivotal in ensuring the innovative, safe, and responsible growth of the digital currency landscape.
Source: Cryptonews
