The Singapore branch of Ripple, a prominent player in the cryptocurrency payments industry, has successfully obtained its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This MPI license grants Ripple Markets APAC Pte Ltd, the regional division, the authorization to offer digital payment token services within Singapore.

In June, Ripple secured provisional approval for its license from MAS. Obtaining the MPI license represents a significant milestone for the company, as it paves the way for broader cryptocurrency adoption, according to an official statement from Ripple.

The Monetary Authority of Singapore (MAS) has thus far issued MPI licenses to 14 digital asset companies, including three approvals granted just this week to Coinbase and Sygnum.

Brad Garlinghouse, CEO of Ripple, acknowledges that under MAS's guidance, Singapore has emerged as a prominent fintech and cryptocurrency hub, effectively striking a harmonious balance between innovation, safeguarding consumer interests, and fostering responsible growth.

The exchange also highlighted that over 90% of its operations take place beyond the borders of the United States, with the Asia-Pacific (APAC) region being one of the most rapidly expanding markets for participants in the industry.

The circumstances surrounding Ripple in the United States stand in stark contrast to its situation in Singapore. In 2020, the U.S. Securities and Exchange Commission (SEC) filed charges against Ripple and its co-founders, alleging that they had unlawfully marketed their native cryptocurrency, XRP, without registering it with the regulatory authority.

After a protracted legal battle with regulators, Ripple emerged victorious in July. The court ruled in favor of Ripple, determining that it had not violated federal securities laws when it sold its XRP token on public exchanges and categorizing the token as "not a security." This landmark legal decision significantly boosted the value of XRP.

In contrast, Singapore's regulatory clarity has played a pivotal role in the city-state's success, providing a foundation of security and trust for businesses and institutions to explore cryptocurrency solutions, as noted in Ripple's statement.

The exchange has affirmed its commitment to prioritize the adoption of its global payment solutions in the Asia-Pacific region, recognizing its substantial growth in the cryptocurrency sector.