Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services and products in Singapore.
This regulatory approval enables Ripple to expand the utilization of its On-Demand Liquidity (ODL) service, which relies on cryptocurrency.
The ODL service offered by Ripple, which employs XRP as a bridge currency, has experienced remarkable growth worldwide throughout 2022.
Singapore, acting as Ripple’s Asia-Pacific headquarters, played a vital role in facilitating this expansion. Notably, Singapore facilitated the majority of global ODL transactions in 2022.
In response to this surge in demand, Ripple has bolstered its team in Singapore across various domains, including legal, finance, sales, compliance, and business development. The company foresees further growth opportunities in this rapidly evolving region.
Brad Garlinghouse, CEO of Ripple, emphasized the significance of obtaining in-principle approval from MAS. He commended Singapore’s stature as a global financial hub and a pivotal gateway to business in the Asia Pacific.
Garlinghouse also highlighted MAS’s progressive approach to digital assets and its impact on the international financial system. Ripple aims to strengthen its partnership with MAS, contributing to the growth of Singapore’s digital asset ecosystem.
Stu Alderoty, Chief Legal Officer at Ripple, recognized Singapore’s leadership in establishing clear taxonomy and licensing frameworks for cryptocurrencies.
Many nations are looking to Singapore as a model for crafting their own regulatory frameworks. Alderoty believes that MAS’s provisional regulatory approval will enable Ripple to better serve its forward-thinking clients who seek to leverage blockchain and cryptocurrency technologies, ultimately fostering a more inclusive and borderless financial system.
As part of its ongoing collaboration with MAS, Ripple’s CEO, Brad Garlinghouse, will be speaking at the Point Zero Forum in Zurich, Switzerland, on June 27, 2023.
The forum will address the new wave of innovation in digital assets driven by thoughtful regulation and investment, providing a platform for discussing the future of the industry.
