Enterprise blockchain and crypto solutions provider Ripple announced on Wednesday that its Singapore entity, Ripple Markets APAC Pte Ltd, has obtained In-Principle Approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS).
With the new authorisation, Ripple will be able to offer regulated digital payment token products and services in Singapore. Moreover, the new license allows the company to broaden the utilization of its On-Demand Liquidity (ODL) service among customers.
Ripple’s CEO, Brad Garlinghouse said:
Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. 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. We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore.
Ripple has been focusing on its Singapore operations over the last year with the majority of global ODL transactions in 2022 flowing through the city state, serves as the company’s Asia Pacific headquarters. The company also doubled its headcount in Singapore in that period.
Stu Alderoty, Chief Legal Officer of Ripple, said:
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.
