Popular blockchain payment protocol, Ripple has obtained a full Major Payment Institution (MPI) license in Singapore. The payment protocol announced this development in a blog post today. With this, the people of Singapore can now access its digital payment token offerings with ease.
According to Ripple, the obtained license signifies a step forward in its commitment to widen the adoption of digital assets. This is because the license revolves around the importance of practical crypto solutions for businesses and financial institutions.
Ripple sees Singapore as a region with a rich reputation when it comes to regulating digital assets, describing it as an ideal location for institutions seeking to harness the power of crypto for cross-border payments, crypto liquidity, and central bank digital currencies.
Meanwhile, the Chief Executive Officer of Ripple, Brad Garlinghouse noted that since the establishment of Ripple Asia Pacific headquarters in Singapore, the city has continued to be a key figure in the growth of its global business. He described how the firm has engaged exceptional talents over the years and will continue to do so while enlarging its coast in a progressive jurisdiction like Singapore.
The CEO commended the Monetary Authority of Singapore, stressing that the city has evolved into one of the biggest fintech and digital asset hubs in the world under its watch.
Ripple Vs U.S. SEC
Don’t forget that Ripple is still embroiled in a lawsuit with the U.S. Security and Exchange Commission over the status of the XRP. Although, the court has already ruled that the crypto asset is not a security, the SEC is not willing to back down and has already appealed the verdict. According to the ruling, XRP does not qualify, nor does it meet the requirements of being identified as a security.
It is worth noting that the suit between Ripple and the US regulator began in 2020. Then, the SEC filed a complaint against Ripple and its executives, accusing them of making money through unregistered securities. According to the complaint, the co-founder of Ripple, Christian Larsen, and its CEO, Garlinghouse made $1.3 billion from the sale. The regulator classified XRP as a security that ought to be registered in accordance with the U.S. financial laws.