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.


Follow us on Twitter, Facebook, Telegram, and Google News

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.

Recent Posts

Teenager Who Made $300 Million From Dogecoin (DOGE) Reveals Why WallitIQ Is The Next BTC-Like Altcoin That Can Make You A Millionaire

The cryptocurrency market is no stranger to unexpected success stories, but few are as captivating…

4 minutes ago

Discover What Are The Best Cryptos to Buy in November 2024: Featuring Qubetics, Algorand, and Cosmos

As we dive into November 2024, the crypto market is buzzing with new opportunities. Algorand…

49 minutes ago

Bank for International Settlements Makes ISO 20022 Adoption Claim For XRP and XLM

The integration of ISO 20022 as a global messaging standard for financial transactions is a…

1 hour ago

Best Cryptos to Buy in November 2024: Learn More About Qubetics, Polkadot, and Avalanche

The crypto market is buzzing again, and November 2024 is shaping up to be one…

5 hours ago

XRP Price Spikes As SEC Chair Gensler Officially Announces Resignation Date

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…

5 hours ago

The Best Casino Games That You May Be Overlooking

Asking a bettor what their favorite casino games are will always result in one of…

6 hours ago