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- Ripple, the blockchain payment company, has managed to obtain preliminary approval for its license application in an Asian country.
- The approved “Major Payment Institution License” application will enable Ripple to offer regulated digital payment token products and services.
- MAS is accepting more crypto businesses while also advancing its own programmable digital currency plans.
Ripple (XRP) has obtained preliminary approval for a payment license application in a Southeast Asian country. This license will enable Ripple to offer regulated digital payment token products and services.
Ripple Obtains Payment License in Singapore
Ripple, the blockchain payment company, has obtained preliminary approval for its license application from the Monetary Authority of Singapore (MAS), deepening its commitment to the Asia-Pacific region.
The approved “Major Payment Institution License” application will enable Ripple to offer regulated digital payment token products and services.
Ripple CEO Brad Garlinghouse said, “Singapore is a leading global financial center and an important gateway for business in the Asia-Pacific region,” and added;
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“We are proud to receive preliminary approval from MAS, reaffirming our commitment to the region and our ongoing proactive engagement with regulators on a global level.”
Ripple has been operating its Asia-Pacific headquarters from Singapore since 2017. In a separate publication on the company’s website, Ripple stated that its payment solution experienced tremendous growth in 2022, leading to a doubling of its staff at the Singapore office.
Singapore, a “Global Leader” in Crypto Regulations
Ripple becomes the latest addition to the list of crypto companies approved this month, following Circle and Crypto.com. However, the number of businesses granted permission to offer digital payment token services in Singapore is still less than 20.
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While accepting more crypto businesses, MAS is also progressing with its own programmable digital currency plans. In a whitepaper published on Wednesday, the regulator provides further details on how the concept of Purpose Bound Money (PBM) will work, allowing senders of digital money to determine conditions for transfers between different systems.
Giving praise to the authority on Thursday, Garlinghouse stated that Singapore is a “global leader” in establishing clear rules for recognizing the innovation and real-world use of digital assets.
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Ripple’s Chief Legal Officer Stu Alderoty said Singapore’s “early leadership” serves as an example for other countries on how to regulate cryptocurrencies.
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