Hassan Maishera
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The Monetary Authority of Singapore has issued in-principle approval for a Major Payments Institution License to Ripple.
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Ripple will leverage the license to offer regulated digital payment token products and services in Singapore.
Ripple receives In-Principle Approval For A Major Payments Institution License
Blockchain technology company Ripple announced on Thursday, June 22nd, that it had received in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), the nation’s central bank and regulator.
The company revealed that the license would enable it to offer regulated digital payment token products and services in Singapore. It would also allow it to scale its customers' use of its crypto-enabled On-Demand Liquidity (ODL) platform.
While commenting on this latest development, Stu Alderoty, Chief Legal Officer of Ripple, stated that;
“We're pleased that Singapore has taken a forward-looking approach to how to regulate digital assets. With their licensing framework, they have figured out how to create a clear taxonomy for digital assets, balancing the need to protect consumers’ interests and the need to protect the integrity of the markets, while doing so in a way that promotes innovation and investment.”
According to Ripple, its Singapore office recorded a 50% year-on-year increase in headcount, and it currently has 50 full-time staff, hiring across key functions such as business development, compliance, finance, legal, and sales.
Alderoty stated that the expansion comes as the company can access the growing licensed digital assets market that is growing in Singapore. He added that;
“I think they're attracting responsible actors. With this license, we are in company with the likes of Coinbase, Circle, and others that have real businesses, real products and have the wherewithal to play by the rules once the rules are set forth clearly.”
Singapore’s MAS has so far approved 190 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses. The regulatory body received over 680 applications for payment services licenses over the past three years.
