{"id":5861,"date":"2023-06-22T19:49:27","date_gmt":"2023-06-22T23:49:27","guid":{"rendered":"https:\/\/sikaoer.com\/ripple-gets-in-principle-nod-for-digital-asset-services-in-singapore\/"},"modified":"2023-06-22T19:49:27","modified_gmt":"2023-06-22T23:49:27","slug":"ripple-gets-in-principle-nod-for-digital-asset-services-in-singapore","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/ripple-gets-in-principle-nod-for-digital-asset-services-in-singapore\/","title":{"rendered":"Ripple gets in-principle nod for digital asset services in Singapore"},"content":{"rendered":"


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Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore\u2019s financial regulator to offer digital asset payments and token products in the city-state.<\/p>\n

Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. The approval will allow its subsidiary, Ripple Markets Asia Pacific, to further scale its On-Demand Liquidity. The ODL helps Ripple\u2019s customers to move XRP around the world without the banks intervening as intermediaries.<\/p>\n

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We\u2019re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg \u2013 allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. <\/p>\n

Learn more: https:\/\/t.co\/8Ylc3lZSeg<\/p>\n

\u2014 Ripple (@Ripple) June 22, 2023<\/p><\/blockquote>\n

The firm applied for the institutional payment license under Singapore\u2019s Payment Service Act. <\/p>\n

Ripple CEO Brad Garlinghouse praised the Singaporean regulator for its \u201cpragmatic, innovation-first approach\u201d to cryptocurrency-related services, adding that the country will provide a \u201cprominent gateway\u201d for Ripple\u2019s business operations in the Asia Pacific region. <\/p>\n

Ripple\u2019s chief legal officer, Stu Alderoty, also noted that Singapore\u2019s \u201cearly leadership\u201d is paving the way for other regulators looking to develop a \u201cclear taxonomy and licensing framework.\u201d<\/p>\n

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1\/ @MAS_sg has built a workable framework that truly unites consumer protection, market integrity and innovation. They\u2019ve also outlined a clear taxonomy to classify and regulate digital assets \u2013 making it possible for companies like Ripple to build and offer compliant products. https:\/\/t.co\/KLYzWRrST0<\/p>\n

\u2014 Stuart Alderoty (@s_alderoty) June 22, 2023<\/p><\/blockquote>\n

Alderoty explained that the approval expands upon Ripple\u2019s customer reach. <\/p>\n

\u201cThis in-principle regulatory approval from the MAS will enable us to better support our forward-thinking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.\u201d<\/p><\/blockquote>\n

In 2022, Ripple managed to double the number of employees in its Asia Pacific headquarters as its Singapore base experienced a majority share of ODL transactions flowing through the city-state.<\/p>\n

The MAS released its own Purpose Bound Money white paper on June 21, which proposes standards for fintech firms providing digital money services in Singapore:<\/p>\n

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.@MAS_sg published a whitepaper proposing a common protocol to specify conditions for the use of digital money such as CBDCs, tokenised bank deposits, and stablecoins on a distributed ledger.<\/p>\n

READ: https:\/\/t.co\/ZzY0OjOG1n<\/p>\n

\u2014 MAS (@MAS_sg) June 21, 2023<\/p><\/blockquote>\n

While Ripple\u2019s path to compliance with Singapore came without much in the way of legal barriers, this hasn\u2019t been the case elsewhere. <\/p>\n

Ripple\u2019s legal team has had their hands tied with the U.S. Securities Exchange Commission since December 2020 after the regulator sued them for allegedly offering XRP \u2014 the token that powers XRP Ledger \u2014 as an unregistered security.<\/p>\n

A ruling is set to be made on the high-profile case in the coming months, according to Garlinghouse. <\/p>\n

Related: <\/strong>Ripple vs. SEC: Could newly released documents tip the balance? <\/strong><\/p>\n

On June 15, Ripple partnered with Colombia\u2019s central bank, Banco de la Rep\u00fablica, to pilot a central bank digital currency on its XRP Ledger. <\/p>\n

The firm has also partnered with central banks in Montenegro and Thailand, in addition to many other regional banks and financial institutions around the world.<\/p>\n

Magazine: <\/strong>Crypto regulation \u2014 Does SEC Chair Gary Gensler have the final say?<\/strong><\/p>\n<\/div>\n


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Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore\u2019s financial regulator to offer digital asset payments and token products in the city-state. Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. 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