Ripple gets in-principle nod for digital asset services in Singapore
Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state.
Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. The approval will allow its subsidiary — Ripple Markets Asia Pacific — to further scale its On-Demand Liquidity (ODL). The ODL helps Ripple’s customers to move XRP around the world without the banks intervening as intermediaries.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. Learn more: https://t.co/8Ylc3lZSeg
The firm applied for the institutional payment license under Singapore’s Payment Service Act.
Ripple CEO Brad Garlinghouse praised the Singaporean regulator for its “pragmatic, innovation-first approach” to cryptocurrency-related services, adding that the country will provide a “prominent gateway” for Ripple’s business operations in the Asia Pacific region.
Ripple’s chief legal officer, Stu Alderoty also noted that Singapore’s “early leadership” is paving the way for other regulators looking to develop a “clear taxonomy and licensing framework.”
1/ @MAS_sg has built a workable framework that truly unites consumer protection, market integrity and innovation. They’ve also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products. https://t.co/KLYzWRrST0
Alderoty explained that the approval expands upon Ripple’s customer reach.
In 2022, Ripple managed to double the number of employees in
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