Ripple, the global blockchain payments company, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for its Major Payments Institution License application. This milestone allows Ripple Markets APAC Pte Ltd, the company’s Singapore arm, to offer regulated digital payment token products and services in Singapore. The approval solidifies Ripple’s commitment to the region and signifies its proactive engagement with regulators worldwide.
Singapore’s Progressive Regulatory Environment
Singapore, a leading global financial center, has been at the forefront of digital asset innovation, providing clear and progressive regulations. MAS has granted Ripple one of the few in-principle approvals for a crypto company, establishing Singapore as a pioneer in developing regulatory frameworks for cryptocurrencies.
Read more: Ripple Unveils New CBDC Platform to be Utilized by Governments
The exchange’s approval accelerates the adoption of crypto-enabled payments in Singapore and the wider APAC region. With a strong presence in APAC and significant growth in 2022, their payment solution has streamlined cross-border payments for businesses and financial institutions. The company has doubled its Singapore workforce to meet growing demand.
Supporting a Borderless Financial System
MAS’s forward-thinking approach positions Singapore as a role model for other countries. Ripple’s Chief Legal Officer recognizes Singapore’s clear taxonomy and licensing framework, enabling the support of customers interested in building a more inclusive and borderless financial system using blockchain and crypto technologies.
The company’s Asia-Pacific headquarters in Singapore and its previous Swell Global conference demonstrate the company’s belief in Singapore’s potential as a financial hub. The in-principle approval highlights Singapore’s positive adoption of digital assets, marking a significant milestone for Ripple’s growth in Singapore and APAC.
Conclusion
Ripple’s in-principle regulatory approval by MAS strengthens its presence in APAC and showcases Singapore’s supportive regulatory environment. The company aims to drive the adoption of blockchain and crypto technologies, working alongside progressive regulators and customers to build a more inclusive and borderless financial system.
