In a significant stride forward, Ripple has announced its ‘In-Principle Approval’ from the Monetary Authority of Singapore (MAS). This nod from the regulatory body empowers Ripple’s subsidiary, Ripple Markets APAC Pte Ltd, to offer regulated digital payment token services and products in Singapore. This move is set to supercharge Ripple’s On-Demand Liquidity (ODL) service, which leans heavily on cryptocurrency.
Ripple’s ODL service, which uses XRP as the bridge currency, witnessed a meteoric rise worldwide in 2022. Singapore, Ripple’s APAC headquarters, was the linchpin for a significant chunk of global ODL transactions last year. In response to this explosive growth, Ripple has beefed up its Singapore team across various domains, including legal, finance, sales, compliance, and business development, and is gearing up for further expansion in this rapidly burgeoning region.
Ripple’s CEO, Brad Garlinghouse, underscored the importance of this ‘in-principle’ approval from MAS, lauding Singapore’s standing as a global financial hub and a vital gateway to business in the Asia Pacific. He also spotlighted the MAS’s forward-thinking approach towards digital assets and its ripple effect on the global financial system. Ripple is eager to strengthen this alliance to turbocharge Singapore’s digital asset ecosystem.
Stu Alderoty, Ripple’s Chief Legal Officer, pointed out that many countries shaping regulatory frameworks for cryptocurrency are taking cues from Singapore’s early leadership in clear taxonomy and licensing. He expressed confidence that the tentative regulatory approval from MAS will enable Ripple to better serve its progressive clients eager to leverage blockchain and cryptocurrency technologies, thereby fostering a more inclusive and borderless financial system.
As part of Ripple’s ongoing collaboration with the MAS, Garlinghouse is slated to speak at the Point Zero Forum in Zurich, Switzerland, on June 27, 2023. He will discuss the renewed surge of innovation in digital assets driven by thoughtful regulation and investment.