Singapore has long remained at the forefront of digital asset innovation, underpinning this new technology by providing clear, progressive regulation for innovators.
Most recently, the Monetary Authority of Singapore (MAS) granted Ripple In-Principle Approval of the Major Payments Institution Licence application which will allow Ripple Markets APAC Pte Ltd (Ripple’s Singapore arm of the global business) to offer regulated digital payment token products and services in the city state. To date, fewer than 20 in-principle approvals and licenses have been granted to crypto companies by the MAS.
In short, this approval sets Ripple well on its way to further scaling customer use of crypto-enabled payments in Singapore and across the APAC region.
“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, Chief Executive Officer of Ripple.
With customers across APAC, Ripple’s payments solution experienced massive growth in 2022, providing businesses and financial institutions with the ability to streamline their cross-border payments. Internally, Ripple’s operations in the Singapore office strengthened as the number of employees doubled to support growing demand in the region.
As the presence of fintech continues to develop across the region, progressive regulators like the MAS are poised to reap the myriad benefits of supporting new technology, while simultaneously paving the way for future global regulation.
“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu Alderoty, Chief Legal Officer of Ripple.
Ripple has had a strong pulse on the opportunity that Singapore presents since opening its Asia Pacific headquarters in 2017 and hosting its annual Swell Global conference in Singapore just two years ago. This in-principle approval marks an important inflection point in the country’s positive and progressive adoption of digital assets, and Ripple looks forward to continued growth and expansion in Singapore and throughout the APAC region.
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