Ripple Gets In-Principle Approval to Offer Digital Payment Token Servicesby Fintech News Singapore June 22, 2023
Ripple’s Singapore subsidiary has obtained in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore (MAS).
The enterprise blockchain and crypto solutions provider will now be able to offer regulated digital payment token products and services in Singapore.
Additionally, Ripple will also be able to further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.
Ripple reported that well over a majority of global ODL transactions flowed through Singapore in 2022, which serves as the company’s Asia Pacific headquarters.
As such, Ripple doubled its headcount in Singapore over the past year across key functions with plans to continue to do so.
“We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.
The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system.”
said Brad Garlinghouse, Chief Executive Officer of Ripple.
“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework.
This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,”
said Stu Alderoty, Chief Legal Officer of Ripple.