TL;DR: Crypto firm Ripple has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payments Institution License application. This license enables Ripple to offer regulated digital payment token products and services in Singapore and expand the adoption of its crypto-enabled cross-border payment.
Crypto Solutions Firm Ripple Secures Major Payments Institution License from Singapore’s MAS
Ripple, a leading enterprise blockchain and crypto solutions provider, has announced that its Singapore subsidiary, Ripple Markets APAC, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payments Institution License application.
This license will enable Ripple to provide regulated digital payment token products and services in Singapore and expand the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.
Ripple experienced significant growth in its ODL operations globally in 2022, with a majority of the transactions flowing through Singapore.
The city-state serves as Ripple’s Asia Pacific headquarters, and the company has doubled its headcount in Singapore over the past year, with plans to further increase its presence in the region.
Brad Garlinghouse, CEO of Ripple, highlighted Singapore’s status as a leading global financial center and a gateway to business in the Asia Pacific region.
He expressed pride in receiving the in-principle license from MAS and emphasized Ripple’s commitment to the region and its proactive engagement with regulators worldwide.
Garlinghouse commended MAS for establishing clear rules for recognizing the innovation and real-world utility of digital assets and their benefits to the global financial system.
Ripple said that it looks forward to strengthening its partnership with MAS to foster the growth and development of the digital assets ecosystem in Singapore.
Stu Alderoty, Chief Legal Officer of Ripple, noted that many countries are turning to Singapore’s early leadership in developing a clear taxonomy and licensing framework for cryptocurrencies.
The in-principle regulatory approval from MAS will enable Ripple to better support its forward-looking customers who are interested in leveraging blockchain and crypto technologies to build a more inclusive and borderless financial system.
The approval reinforces Ripple’s ability to navigate regulatory environments and work closely with regulators to drive the adoption of digital assets.