Ripple, a payment protocol most famous for its native token XRP, has received in-principle approval for a major payments institution license in Singapore. The license will allow Ripple to offer its digital asset services and token products in a regulated way in the city-state. The license was granted to Ripple by the region's financial market regulator, the Monetary Authority of Singapore (MAS). - The company applied for the license under Singapore's Payment Service Act.
- Through the approval, Ripple's subsidiary Ripple Markets Asia Pacific will also be able to expand its On-Demand Liquidity (ODL) service that helps customers transfer XRP funds around the world without intermediary banks.
- Ripple CEO Brad Garlinghouse praised the MAS for its practical, innovation-first approach to crypto-related services.
- Garlinghouse also stated that Singapore would serve as a significant entry point for Ripple's operations in the Asia-Pacific (APAC) region.
Last year, Ripple doubled the headcount in its headquarters in APAC. - Most recently, the stablecoin issuer Circle and the crypto exchange Crypto.com obtained a permanent license for their digital asset services in Singapore after passing the preliminary stage.
- Several other crypto companies, including Coinbase and Blockchain.com, also have in-principle approval from the MAS.
|
