Ripple Receives In-Principle Approval to Offer Digital Asset Services in Singapore

The banking regulator in Singapore has given blockchain-based payments company Ripple in-principle approval to sell token products and digital asset payments there.

Ripple Receives In-Principle Approval to Offer Digital Asset Services in Singapore

In a statement on June 22, Ripple stated that the Monetary Authority of Singapore (MAS) has approved.

With the clearance, its subsidiary, Ripple Markets Asia Pacific, will be able to build up its on-demand liquidity even more. The ODL enables users of Ripple to send and receive XRP globally without the need for banks to act as intermediary firms.

Singapore’s Payment Service Act

In accordance with the Payment Service Act of Singapore, the company requested a license for institutional payments. The CEO of Ripple, Brad Garlinghouse, lauded the Singaporean regulator for its practical and innovation-first approach to cryptocurrency-related services. He also said that Singapore would serve as a significant entry point for Ripple’s business activities in the Asia Pacific area.

Stu Alderoty, the chief legal officer for Ripple, also pointed out that Singapore’s early leadership is setting the way for other governments trying to develop a clear taxonomy and licensing structure.

I think they’re attracting responsible actors. With this license, we are in company with the likes of Coinbase, Circle, and others that have real businesses, real products and have the wherewithal to play by the rules once the rules are set forth clearly.

Alderoty

Ripple Singapore Office Expands

As it expands its footprint in the nation, Ripple reported that its Singapore office hired 50 full-time employees, a 50% year-over-year increase in headcount, to cover important positions in business development, compliance, finance, legal, and sales.

This in-principle regulatory approval from the MAS will enable us to better support our forward-thinking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.

Alderoty

About Ripple

With its own cryptocurrency, XRP, Ripple is a blockchain-based digital payment network and protocol. It employs a consensus mechanism via a collection of servers controlled by banks to confirm transactions rather than mining on a blockchain.