Ripple Earns Regulatory Approval in Singapore

Published 7 months ago

Ripple, a leader in blockchain and cryptocurrency solutions, has received In-Principle Approval for a Major Payments Institution License application from the Monetary Authority of Singapore (MAS). This approval was granted to Ripple’s subsidiary, Ripple Markets APAC Pte Ltd.

Expanding Services in the City State

With this license, Ripple will be able to offer regulated digital payment token products and services in Singapore. This will also enable the company to expand the use of its crypto-enabled On-Demand Liquidity (ODL) service among its customers.

Last year, Ripple witnessed an unprecedented business momentum for ODL globally, with a significant part of this growth driven by its Singapore operations. In fact, a majority of global ODL transactions in 2022 flowed through Singapore, the company’s Asia Pacific headquarters.

Doubling Headcount in Singapore

This remarkable growth trajectory led Ripple to double its staff in Singapore over the past year across key divisions including business development, compliance, finance, legal, and sales. The company plans to continue increasing its presence in this rapidly growing region.

Ripple’s Commitment to the Region

Brad Garlinghouse, CEO of Ripple, expressed pride in receiving the in-principle license from the MAS. He reaffirmed Ripple’s commitment to the region and to proactive engagement with regulators globally.

Garlinghouse also commended the MAS for its global leadership in establishing clear rules for digital assets and their benefits to the financial system. He expressed optimism about strengthening the partnership to foster the growth and development of the digital assets ecosystem in Singapore.

Looking Ahead

Stu Alderoty, Chief Legal Officer of Ripple, noted that as more countries set up regulatory frameworks for crypto, many look to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS enables Ripple to better support forward-looking customers aiming to leverage blockchain and crypto technologies to build a more inclusive and borderless financial system.

As part of Ripple’s ongoing engagement with the MAS, Garlinghouse will be speaking at the Point Zero Forum in Zurich, Switzerland on June 27, 2023. He will discuss the resurgence of innovation in digital assets through investment and thoughtful regulation.

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