Ripple, a leading blockchain company, has received in-principle regulatory approval from the Monetary Authority of Singapore (MAS), allowing it to offer regulated digital payment token products and services in Singapore. This move solidifies Ripple’s presence in the Asia-Pacific (APAC) region and paves the way for further expansion and customer adoption of crypto-enabled payments.
Singapore has been at the forefront of digital asset innovation, offering clear and progressive regulations supporting new technologies’ development. The MAS has granted Ripple one of the coveted Major Payments Institution Licenses, a significant achievement as fewer than 20 crypto companies have received such approvals to date.
Fuelling Crypto Adoption in APAC
Ripple Markets APAC Pte Ltd, the Singapore arm of Ripple’s global business, will leverage this in-principle approval to scale its customer base and facilitate seamless cross-border payments using cryptocurrencies. The approval demonstrates Ripple’s commitment to the region and its proactive engagement with regulators globally.
Brad Garlinghouse, CEO of Ripple, stated: “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.”
In 2022, Ripple’s payment solution experienced significant growth in APAC, offering businesses and financial institutions a streamlined approach to cross-border payments. The Singapore office saw its workforce double to meet the rising demand in the region.
Regulators like MAS, with their progressive approach to fintech, are well-positioned to benefit from supporting new technologies. As more countries develop regulatory frameworks for cryptocurrencies, many are looking to Singapore’s early leadership in creating a clear taxonomy and licensing framework. Ripple’s in-principle regulatory approval demonstrates the country’s positive and forward-thinking adoption of digital assets.
Stu Alderoty, Chief Legal Officer of Ripple, said: “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.”
Ripple has recognized Singapore’s potential since establishing its Asia Pacific headquarters in 2017 and hosting the Swell Global conference in the country two years ago. The in-principle approval signifies a crucial milestone in Singapore’s journey toward embracing digital assets. Ripple looks forward to continued growth and expansion in Singapore and throughout the APAC region.
With this regulatory approval, Ripple is well-positioned to further drive the adoption of cryptocurrencies in Singapore, bolstering its presence in the APAC market and strengthening its global footprint in the rapidly evolving world of digital assets.
