Ripple receives “principle” approval in Singapore
Singapore, the global financial hub in Asia Pacific, opens its doors to the leading enterprise blockchain and crypto solution provider Ripple! The Monetary Authority of Singapore (MAS) has given the green light to the application by subsidiary Ripple Markets APAC Pte Ltd. A “principal” license as a Major Payments Institution has been granted. This means Ripple is now allowed to offer regulated digital payment token products and services in the city-state. The crypto giant plans to further expand its crypto-enabled on-demand liquidity (ODL) services to customers. This emerges from a press release .
Ripple receives “principle” approval in Singapore
Ripple has already seen rapid business development in Singapore in 2022, causing a sensation around the world. More than half of all global ODL transactions flowed through Singapore, which serves as the headquarters for the Asia Pacific region. This impressive growth has resulted in Ripple doubling its Singapore workforce over the past year. Employees have been hired in key areas such as business development, compliance, finance, legal and sales. But that’s not all! The company has planned further expansions in order to be even more present in this booming region.
Ripple CEO Brad Garlinghouse emphasized the importance of this partnership, stating, “Singapore is a pre-eminent financial center and gateway to business in Asia Pacific. Our license in principle from the MAS confirms our commitment to the region and our proactive engagement with regulators worldwide. MAS is a leading authority in creating clear rules for digital assets and recognizing their benefits to global finance. Together we will drive the growth and development of Singapore’s digital asset ecosystem.”
CEO Brad Garlinhouse on June 27 in Zurich
Ripple Chief Legal Officer Stu Alderoty added: “More and more countries are developing regulatory frameworks for crypto and Singapore has been at the forefront. The in-principle regulatory approval of the MAS allows us to better support our forward-thinking clients who are taking a closer look at blockchain and crypto technologies. And want to build a more inclusive and borderless finance system.»
Ripple remains on the road to success and will advance its vision of a world without economic borders. This regulatory approval opens up new opportunities for the company and its customers to start together into the future of digital assets. Another step towards an inclusive and scalable financial system, powered by Ripple and its carbon-neutral blockchain technology and the green digital asset XRP. As part of the collaboration with MAS, Ripple CEO Brad Garlinghouse will speak on June 27, 2023 at the Point Zero Forum in Zurich (Switzerland) on digital asset innovation revived by investment and well thought-out regulation.
