Ripple, a leading enterprise blockchain and crypto solutions provider, has achieved a significant milestone with the ‘In-Principle Approval’ granted by the Monetary Authority of Singapore (MAS) for its subsidiary, Ripple Markets APAC Pte Ltd.
This regulatory approval will enable Ripple to offer digital payment token services and products under Singaporean regulations, enhancing its ability to expand the adoption of its On-Demand Liquidity (ODL) service, which leverages cryptocurrency.
The ODL service, utilizing XRP as a bridge currency, witnessed remarkable global growth throughout 2022, with Singapore serving as Ripple’s APAC headquarters and playing a pivotal role in this success.
The city-state facilitated the majority of global ODL transactions during that period. As a result, Ripple has expanded its team in Singapore across various domains, including legal, finance, sales, compliance, and business development, anticipating further growth in this rapidly evolving region.
Brad Garlinghouse, CEO of Ripple, emphasized the significance of obtaining ‘in-principle’ approval from MAS, praising Singapore’s status as a global financial hub and a vital gateway to the Asia Pacific business landscape.
He also highlighted MAS’s forward-thinking approach to digital assets and its impact on the international financial system. Ripple aims to strengthen its partnership with MAS to foster Singapore’s digital asset ecosystem.
Stu Alderoty, Chief Legal Officer at Ripple, acknowledged that many countries seeking to establish regulatory frameworks for cryptocurrencies are looking to Singapore’s early leadership in terms of clear taxonomy and licensing.
Alderoty believes that the tentative regulatory approval from MAS will enable Ripple to better assist its progressive clients who are eager to leverage blockchain and cryptocurrency technologies, ultimately contributing to a more inclusive and borderless financial system.
Continuing its collaboration with MAS, Brad Garlinghouse is scheduled to speak at the Point Zero Forum in Zurich, Switzerland, on June 27, 2023.
The forum will provide an opportunity to discuss the renewed wave of innovation in digital assets driven by thoughtful regulation and investment, further highlighting Ripple’s commitment to shaping the future of the industry.