Ripple Gets Singapore Regulatory Approval for Payments License

Blockchain-based payments company Ripple has received an in-principle regulatory approval from Singapore’s financial regulator over providing digital asset payments and token products & services in the city-state.

In a June 22 statement, Ripple confirmed the approval from the Monetary Authority of Singapore (MAS), which essentially allows its subsidiary Ripple Markets Asia Pacific, to double-up its On-Demand Liquidity (ODL). This ODL aids the customers of Ripple in moving XRP tokens across the globe without the need for intermediary banks.

Ripple’s chief legal officer, Stu Alderoty, stated that the “early leadership” approach of Singapore is paving the way for other regulators which are looking to form a “clear taxonomy and licensing framework,”.

Ripple CEO Brad Garlinghouse also shed positive light on the regulator’s moves, highlighting MAS’s “pragmatic, innovation-first approach” while also adding that the Asian nation will provide a “prominent gateway” for the business operations of Ripple across the Asia Pacific region.

Sources:

https://cointelegraph.com/news/ripple-principle-approval-payment-institution-license-singapore

https://www.cnbc.com/2023/06/21/crypto-firm-ripple-gets-in-principle-payments-license-in-singapore.html

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