Ripple, the enterprise blockchain company behind XRP, has received approval from Singapore’s Monetary Authority (MAS).
This development enables the company to expand its Major Payment Institution (MPI) license and offer full digital payment token services in the city‑state. The decision allows Ripple Markets APAC, the firm’s Singapore subsidiary, to operate end‑to‑end regulated digital asset payment flows, covering fund collection, custody, token swaps and payouts for institutional clients.
Ripple Expands MPI Scope using MAS
Ripple obtained its MPI license in 2023, which initially permitted it to provide a limited set of digital payment token services under Singapore’s Payment Services Act framework. The latest approval extends that authorization, formally adding digital payment token activities to MAS’s public register for Ripple Markets APAC and enabling the company to support institutional clients through the full transaction lifecycle.
According to company statements and MAS filings, the expanded scope allows Ripple to offer services such as buying or selling digital payment tokens on its own account, operating platforms where customers can exchange such tokens, and combining these with cross‑border money transfer services under a single regulatory umbrella. Ripple plans to use its RLUSD stablecoin alongside XRP within its Ripple Payments platform to settle cross‑border transfers for banks, fintechs and crypto firms, with Singapore acting as a regional hub for Asia‑Pacific flows.
Singapore’s Digital Asset Hub Strategy
The approval reinforces Singapore’s role as a regulated base for institutional crypto payment activity at a time when several major jurisdictions are tightening rules for digital asset businesses. MAS has positioned the MPI regime as a way to bring high‑volume payment firms, including digital token providers, into a clear supervisory framework while imposing capital, safeguarding and risk‑management standards comparable to those applied to traditional payment institutions.
Ripple is now among a small group of blockchain‑focused companies with an MPI license that explicitly covers digital payment tokens, placing it alongside regulated exchanges and payment platforms serving institutional clients in the region. The move also comes as on‑chain payment and settlement activity across Asia‑Pacific continues to grow, with Singapore frequently cited as a hub for experiments in tokenized deposits, stablecoins and cross‑border wholesale payments.
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