Ripple obtains digital asset license from Monetary Authority of Singapore

Quick Take

  • Ripple obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore. 
  • The license lets Ripple offer regulated digital asset payment services in the country. 

Blockchain payments firm Ripple has obtained a digital asset license from the Monetary Authority of Singapore. 

Ripple's freshly received Major Payments Institution (MPI) license allows the firm to offer regulated digital asset token services in the country. The license applies to Ripple's Singapore subsidiary Ripple Markets APAC Pte Ltd. 

“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” said Ripple CEO Brad Garlinghouse in a statement. “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”


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Ripple intends to keep prioritizing crypto adoption in the Asia Pacific, as the region comprises one of the firm's fastest growing regions, according to a company release.

Ripple joins a slew of other high-profile web3 firms to receive a MPI license from the Monetary Authority of Singapore. Stablecoin issuer Circle received one in June of this year, followed by the major crypto exchange Coinbase on Oct. 2, The Block previously reported.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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