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Ripple, a renowned blockchain payments enterprise, has successfully procured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant stride in enhancing its offerings in the blossoming digital asset sphere within the Asia Pacific region. 
This approval, granted to Ripple’s Singapore subsidiary Ripple Markets APAC Pte Ltd, provides the firm with the regulatory backing to present regulated digital asset token services in Singapore, aligning with its robust expansion plans in the region. 
<blockquote>
 “Since 2017, when Singapore became our Asia Pacific headquarters, the nation has played a critical role in Ripple’s global venture. 
 The addition of exceptional talent and leadership at the local level, which has seen our headcount double over the past year, underscores our commitment to growing our presence in a forward-thinking jurisdiction like Singapore,” stated Ripple CEO Brad Garlinghouse.
</blockquote> 
With Singapore’s financial regulatory body, MAS, steering the country into becoming one of the predominant fintech and digital asset hubs, Ripple’s latest move mirrors a broader trajectory of deepening its roots in a region that has demonstrated a balanced approach towards fostering innovation, ensuring consumer protection, and encouraging responsible growth in the digital asset domain. 
Ripple’s objective to prioritize cryptocurrency adoption in the Asia Pacific continues to be bolstered by the region being one of the company’s most rapidly expanding markets, as per a company announcement. 
Notably, Ripple follows in the footsteps of other prominent web3 companies to obtain an MPI license from MAS. Stablecoin issuer Circle acquired one in June of this year, while major cryptocurrency exchange Coinbase secured its license on October 2nd, as reported by The Block. 
This regulatory green light not only strengthens Ripple’s operational capacity in Singapore but also underscores the country’s evolving role as a fulcrum for blockchain and digital asset enterprises within the Asia Pacific, striking a harmonious balance between technological advancement, safeguarding consumers, and facilitating sustainable growth. 
XRP reacted positively to the news. The coin is up 3.6% over the past 24 hours, at a time when Bitcoin is trading down by 0.5%, according to <a href="https://coinmarketcap.com/currencies/xrp/" rel="nofollow noopener" target="_blank">CoinMarketCap</a>. 
<figure id="attachment_24118" aria-describedby="caption-attachment-24118" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-24118" src="https://crypto.ro/en/wp-content/uploads/2023/10/XRP_1D_graph_coinmarketcap.png" alt="XRP price" width="919" height="284" srcset="https://crypto.ro/en/wp-content/uploads/2023/10/XRP_1D_graph_coinmarketcap.png 919w, https://crypto.ro/en/wp-content/uploads/2023/10/XRP_1D_graph_coinmarketcap-300x93.png 300w, https://crypto.ro/en/wp-content/uploads/2023/10/XRP_1D_graph_coinmarketcap-768x237.png 768w, https://crypto.ro/en/wp-content/uploads/2023/10/XRP_1D_graph_coinmarketcap-750x232.png 750w" sizes="(max-width: 919px) 100vw, 919px" title="Ripple solidifies its foothold in Asia with Singapore's Major Payments Institution license 13">
 <figcaption id="caption-attachment-24118" class="wp-caption-text">
 XRP price | CMC
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Ripple solidifies its foothold in Asia with Singapore’s Major Payments Institution license

crypto.ro global

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