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The Monetary Authority of Singapore (MAS) has taken a progressive stance on cryptocurrency by granting Ripple an in-principle approval for a Major Payment Institution (MPI) License. Ripple CEO Brad Garlinghouse commended Singapore’s pragmatic and innovation-first approach to crypto, highlighting the company’s pride in being one of the few granted such a license. With its expanding Asia-Pacific cross-border payment solutions experiencing significant growth, Ripple has doubled its Singapore staff to meet the rising demand. 
Ripple, a leading blockchain payments firm, has achieved a significant milestone in Singapore. The Monetary Authority of Singapore (MAS) grants the company an in-principle approval for a Major Payment Institution (MPI) License. Ripple CEO Brad Garlinghouse expressed his appreciation for Singapore’s forward-thinking approach to crypto, emphasizing their pragmatic approach to innovation. 
Garlinghouse further noted that Ripple is proud to be among the few companies to be granted an MPI License, allowing them to conduct business without daily or monthly limits on transactions. The license approval recognizes Ripple’s commitment to providing efficient cross-border payment solutions to businesses and financial institutions in the Asia-Pacific (APAC) region. 
As Ripple experienced substantial growth in its APAC operations throughout 2022, the company expanded its Singapore base and doubled its staff to meet the increasing demand for its services. Ripple’s positive experience in Singapore aligns with the company’s vision for the region, expecting it to harness the myriad benefits of supporting digital asset technology while leading the way in shaping future global regulation. 
The MAS operates three types of payment service provider licenses, and the MPI License holds significant advantages for its holders. Eligibility criteria include having a Singaporean-registered company or branch, maintaining a permanent place of business to store records, a minimum capital base of $250,000, and at least one director with Singapore residency or citizenship. The applicant’s track record, financial condition, and whether the company is already subject to proper supervision by a regulatory authority may also be considered. 
This approval is crucial for Ripple, as it is currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC). The lawsuit alleges that Ripple raised $1.3 billion through unregistered securities using its XRP token and is nearing a final judgment. The granting of the MPI License showcases Ripple’s ability to navigate regulatory landscapes globally, bolstering its position as a leading player in the crypto industry. 
Despite ongoing legal challenges, XRP, Ripple’s native token, experienced a notable 5.7% swing on June 22, reaching a seven-day high of $0.5272. This positive market reaction reflects investors’ confidence in Ripple’s continued growth and expansion prospects. 
Singapore’s Monetary Authority’s in-principle approval of Ripple’s Major Payment Institution License reinforces the city-state’s reputation as a crypto-friendly hub. Ripple’s CEO, Brad Garlinghouse, lauds Singapore’s innovative regulatory approach and expresses excitement about the company’s continued growth in the APAC region. As Ripple expands its cross-border payment solutions, its success in obtaining the MPI License demonstrates its ability to thrive amidst legal challenges. The market’s positive response to XRP’s recent performance further underscores the confidence in Ripple’s future prospects in Singapore and beyond. 
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Singapore approves Ripple’s Major Payment Institution license application

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