Ripple Wins In-Principle Approval in Singapore
- Ripple has secured in-principle approval from the Monetary Authority of Singapore and plans to expand in APAC.
- The firm’s Singaporean arm will be able to “offer regulated digital payment token products and services.”
- The Monetary Authority of Singapore (MAS) has granted this approval to less than 20 firms.
- CEO Garlinghouse praised the MAS for its “pragmatic, innovation-first approach” to crypto.
Blockchain payments firm, Ripple, has secured in-principle approval from the regulators in Singapore amid the fintech firm’s involvement in a lawsuit with the United States Securities and Exchange Commission (SEC). It was earlier hinted that the lawsuit would come to an end in the near future with the official unveiling of the Hinman documents.
According to the official announcement, the in-principle approval will allow the fintech firm’s Singaporean arm, Ripple Markets APAC Pte Ltd., “to offer regulated digital payment token products and services in the city state.” Moreover, the US-based firm also noted that the Monetary Authority of Singapore (MAS) has granted this approval to fewer than 20 firms.
This approval will allow the firm to further scale “customer use of crypto-enabled payments in Singapore and across the APAC region,” said the announcement, while the CEO of Ripple, Brad Garlinghouse, said:
“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.”
Ripple applied for the license under the city-state’s Payment Services Act, and Garlinghouse praised the MAS for its “pragmatic, innovation-first approach” to the crypto and blockchain industries. The firm’s Chief Legal Officer, Stu Alderoty, noted that the city-state’s “early leadership” when it comes to crypto regulation is paving the way for the development of a “clear taxonomy and licensing framework.”
Alderoty noted that the in-principle regulatory approval “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.”
On the other hand, as reported earlier by Bitnation, Ripple aims to hit big in 2023 and has also appointed Monica Long as its new president. Long joined Ripple when the company had just begun its expansion in 2013 and “crypto was barely a blip on the radar.” Interestingly, she helped launch the company’s On-Demand Liquidity (ODL), which is currently utilized in 40 countries on various continents.
Meanwhile, the US-based fintech firm is expected to either secure a win against the SEC or negotiate a deal that involves the fact that the XRP token is not a security.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
