Singapore’s Monetary Authority (MAS) has granted Ripple an in-principle license for a Major Payment Institution License.
The approval comes amidst regulatory challenges faced by Ripple, including the ongoing lawsuit with the SEC in the United States.
Ripple, a prominent blockchain company, secures in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), the central bank of Singapore.
This approval comes at a time when the crypto industry is grappling with increasing regulatory scrutiny in its home country, the United States. Particularly the ongoing lawsuit with the US Securities and Exchange Commission (SEC)
However, this significant development marks a major milestone for Ripple. As the approval positions the company as a trusted and regulated player within Singapore. The Major Payment Institution Licence will enable Ripple to expand its operations and offer its innovative payment solutions to businesses and consumers in the South Asian region (APAC).
In addition, the approval from the MAS underscores the country’s commitment to fostering innovation in the financial technology sector. While maintaining robust regulatory oversight. Singapore has emerged as a leading global hub for blockchain and cryptocurrency companies. Due to its progressive approach and supportive regulatory framework.
While the cryptocurrency industry faces increased scrutiny and tightening policies in the US, Ripple’s approval in Singapore brings a glimmer of positive news. It highlights the potential for international expansion. And the importance of fostering an enabling environment for blockchain and cryptocurrency companies to thrive.
Moreover, Ripple native cryptocurrency XRP price surged more than 3.6% in a day and 7% in the past week to trade at $0.5152. Also, XRP holds a 24 hours trading volume of $2B, which climbs over 31% and market cap of $27B.