Ripple, a leader in enterprise blockchain and cryptocurrency solutions, has announced that it has achieved ‘In-Principle Approval’ from the Monetary Authority of Singapore (MAS) for its subsidiary Ripple Markets APAC Pte Ltd. This will enable Ripple to present digital payment token services and products under regulation in Singapore, bolstering its capacity to extend the utilization of its On-Demand Liquidity (ODL) service, which relies on cryptocurrency.
Ripple says it saw exceptional progress with its ODL service (which uses XRP as the bridge currency) worldwide in 2022, and the city-state, acting as Ripple’s APAC headquarters, played a crucial role in this growth. Singapore was apparently the conduit for a substantial majority of global ODL transactions in 2022. In light of this steep growth, Ripple has augmented its Singapore team across areas such as legal, finance, sales, compliance, and business development, and it anticipates further growth in this rapidly expanding region.
Ripple’s CEO, Brad Garlinghouse, articulated the significance of gaining ‘in-principle’ approval from MAS, applauding Singapore’s status as a global financial hub and a crucial portal to business in the Asia Pacific. He further highlighted the MAS’s progressive stance towards digital assets and its impact on the international financial system. Ripple is keen on fortifying this partnership to boost Singapore’s digital asset ecosystem.
Ripple’s Chief Legal Officer, Stu Alderoty, noted that many nations crafting regulatory frameworks for cryptocurrency are looking towards Singapore’s early leadership in clear taxonomy and licensing. He believes that the tentative regulatory approval from MAS will enable Ripple to assist better its progressive clients who wish to capitalize on blockchain and cryptocurrency technologies, thus fostering a more inclusive and borderless financial system.
As a part of Ripple’s ongoing collaboration with the MAS, Garlinghouse will speak at the Point Zero Forum in Zurich, Switzerland, on June 27, 2023, to discuss the renewed wave of innovation in digital assets propelled by thoughtful regulation and investment.