Crypto company Ripple has received approval from the Central Bank of Singapore for its “Major Payment Institution” license. This decision opens the door to new opportunities in the Asia Pacific (APAC) region for Ripple.
• Ripple has received “approval in principle” from the Singapore regulator
• License enables offering of regulated products and services for digital payment tokens
• Ability to expand customer use of XRP
Ripple has received “regulatory approval in principle” to operate in Singapore, the San Francisco-based blockchain company reports on its website. The Monetary Authority of Singapore (MAS), the country’s central bank, has granted approval in principle for a Major Payment Institution License. Going forward, this will enable Ripple to offer regulated digital payment token products and services, further expand its cryptocurrency-based on-demand liquidity (ODL) service, and expand cross-border transfers of XRP – a cryptocurrency with which Ripple is closely associated. So far, the MAS is said to have granted fewer than 20 basic permits and licenses for crypto companies, Ripple continues.
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We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – Allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. ????
learn more: https://t.co/8Ylc3lZSeg
– Ripple (@Ripple) June 22, 2023
Singapore as an important market for Ripple
“We are honored to have received approval in principle from @MAS_sg of a license for a major payment institution, enabling us to offer regulated digital asset products and services and to scale customer usage of #ODL,” the company said delighted.
Singapore is considered one of the largest currency corridors from where Ripple sends money across borders using XRP, the company said in a press release. The country serves as the regional headquarters in Asia Pacific. “Singapore is a leading global financial hub and a key gateway for doing business in the Asia Pacific region. We are incredibly proud to receive approval in principle from the MAS, which reinforces our commitment to the region and our ongoing proactive engagement with regulators around the world.” around the world,” Ripple CEO Brad Garlinghouse said on Ripple’s website. “This in-principle regulatory approval from the MAS will allow us to better support our forward-thinking customers who wish to focus on blockchain and crypto technologies to build a more inclusive and borderless financial system,” the website also quoted Ripple CLO Stu Alderoty.
Meanwhile, in the US, Ripple continues to face strong resistance from regulators, most notably the US Securities and Exchange Commission (SEC).
Editorial office finanzen.net