Ripplethe leader in enterprise blockchain and cryptocurrency solutions, announced Thursday that its subsidiary of Singapore, Ripple Markets APAC Pte Ltd, obtained approval in principle (AiP) of its principal payment institution license application from the Monetary Authority of Singapore (MAS).
This license will allow Ripple offer regulated digital payment token products and services in the city-state and further scale its customers’ use of its cryptocurrency-enabled on-demand liquidity (ODL) service.
Ripple experienced unprecedented business growth in ODL globally in 2022 with the majority of it being driven by its operations in Singapore. In 2022, a good majority of global ODL transactions will pass through Singapore, where the company is based in the Asia-Pacific region.
As a result of this monumental growth trajectory, Ripple doubled its headcount in Singapore over the last year in key functions including business development, regulatory compliance, finance, legal and sales, and plans to continue to grow its presence in the world’s fastest-growing region.
“Singapore is a leading global financial center and a major gateway for business in Asia-Pacific. We are extremely proud to receive a license in principle from MAS, reaffirming our commitment to the region and continued proactive collaboration with regulators around the world”commented Brad Garlinghouse, CEO of Ripple.
“MAS continues to be a world leader in setting clear rules to recognize the innovation and real-world utility of digital assets and their benefits to the global financial system. We look forward to further strengthening this partnership to collectively drive growth and development.” development of the digital asset ecosystem in Singapore”.
“As more countries develop regulatory frameworks for cryptocurrencies, many are looking to Singapore’s pioneering leadership in developing a clear taxonomy and licensing framework. This MAS regulatory approval-in-principle will enable us to better support our forward-thinking clients.” seeking to optimize blockchain and cryptocurrency technologies to drive a more inclusive and borderless financial system,” said Stu Alderoty, Ripple’s head of legal affairs.
As part of Ripple’s ongoing commitment to MAS, Brad will be a speaker at the Point Zero Forum in Zurich, Switzerland on June 27, 2023 to discuss the resurgence of digital asset innovation through investment and thoughtful regulation. .
Source: Ambito
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