Amid the uncertainty of crypto regulation in the United States, Ripple, the San Francisco-based cross-border payments firm, has secured in-principle approval of an application for a Major Payments Institution from the Monetary Authority of Singapore (MAS).
According to the report, this new development will allow a local subsidiary to offer regulated digital payment token products and services in the country.
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With this approval, Ripple will be able to further scale the use of its crypto-enabled On-Demand Liquidity service.
It should be noted that the ODL platform allows financial institutions to instantly send money across borders using XRP as a bridge currency. This implies that the digital token XRP is fully involved in this new development.
Reacting to the new development, Ripple CEO Brad Garlinghouse noted:
“Singapore continues to be a global leader in establishing clear rules of the road to recognize the innovation and real-world utility of digital assets, and its benefits to the global financial system.”
Read Also: Ripple CEO Brad Garlinghouse: SEC is Throwing Lawsuits to Distract from FTX Debacle
Stu Alderoty, Chief Legal Officer at Ripple, also 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.
In a statement with The Block, Stu Alderoty said it took the firm a few critical steps to get the final approval from Singapore.
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