Cryptocurrency

Ripple Secures Approval for Singapore Digital Payment License. XRP Fully Involved: Details

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.

Read Also: Fox Journalist Spots Ripple Billboards Around SEC Headquarters, XRP Community Reacts

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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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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