Singapore is a world leader in the development of digital assets and has clear legislation for inventors. The Major Payments Institution Licence application for Ripple received in-principal approval from the Monetary Authority of Singapore (MAS), enabling Ripple Markets APAC Pte Ltd to provide regulated digital payment token goods and services in the city-state.
Less than 20 in-principle approvals and licenses have been given by MAS to cryptocurrency startups so far.
Ripple Strengthens its Hold
The MAS has granted Ripple an in-principle license, enabling it to extend its cryptocurrency-enabled payments services in Singapore and the APAC region. Singapore is a significant hub for international finance and a commercial entry point to the Asia Pacific.
In 2022, Ripple’s payments platform saw substantial growth as it helped organizations and financial institutions automate international payments.
- MAS grants Ripple an in-principle license for cryptocurrency payments in Singapore and APAC.
- Singapore office strengthens, personnel double, MAS benefits from innovative technology.
- Ripple gains regulatory approval in Singapore, boosting growth.
Operations in the Singapore office have been strengthened, and the number of personnel has doubled to meet the rising demand. Progressive regulators like the MAS should profit from fostering innovative technology and laying the groundwork for future international regulation as fintech expands.
As more nations create legal frameworks, attention is being drawn to Singapore‘s early leadership in creating a clear taxonomy and licensing system for cryptocurrencies.
Leading cryptocurrency and blockchain company Ripple is thrilled by Singapore’s in-principle regulatory approval from the MAS.
The country’s positive adoption of digital assets has reached a turning point with this approval, and Ripple anticipates continuing growth and expansion in Singapore and the APAC region.
