With the new Major Payments Institution (MPI) license that Ripple received, the company is allowed to offer regulated digital asset token services in the country. The acquired license is only valid for Ripple’s Singapore subsidiary Ripple Markets APAC Pte Ltd .

In a statement made by Ripple CEO Brad Garlinghouse,

In 2017, we established Singapore as our Asia Pacific headquarters, since then, the country has played a very important role in Ripple’s global business.

Also, “we hired extraordinary talents and local leadership, we doubled our staff last year, and we plan to continue to expand our presence in a progressive jurisdiction like Singapore,” he said.

Under the leadership of MAS, Singapore has become one of the leading fintech and digital asset centers that balance innovation, consumer protection, and responsible growth.

According to a company statement by Ripple, they plan to continue prioritizing crypto adoption in the Asia Pacific, because the region is one of the company’s fastest growing areas.

Also, Ripple is joining a number of high-profile web3 firms to get an MPI license from the Singapore Monetary Authority.

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Ripple and Sec Dispute

Ripple Labs, last month withdrew a new application regarding the Sec’s ongoing appeal request related to the dispute.

The SEC plans to appeal part of the critical decision made in July about whether someXRP sales by Ripple violated securities laws.

Lawyers representing Ripple said:

“The exceptional conditions required for interlocutory appeal are not present”.

“Firstly, the Court’s decision on the summary judgment does not raise an issue of law that is amenable to interlocutory appeal,” they continued.

“Secondly, the supposed significant reason for the dispute is only the SEC’s dissatisfaction with the Court’s application of Howey to most of the Defendants’ transactions in XRP.”

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