Ripple approved for major payments license in Singapore.
Ripple has announced that it has received in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), which is the central bank and regulator of the country.
The license will allow Ripple’s Singapore branch to offer regulated digital payment token products and services, as well as to further expand its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) platform. The platform saw a 5x growth in the country year-on-year.
In an interview with blockchain, Stu Alderoty, Chief Legal Officer of Ripple, said, “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.”
The Singapore office of Ripple has seen a 50% year-on-year increase in headcount, hiring across key functions such as business development, compliance, finance, legal, and sales as it ramps up its presence in the country. Alderoty explained that Ripple can access the growing licensed digital assets market that’s blooming in the country.
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So far, MAS has approved 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses. Local media reports that MAS has received over 680 applications for payment services licenses since January 2020, with 17 being rejected and 214 applications withdrawn. Binance withdrew from Singapore and canceled its application for a Digital Payments Token license in December 2021.
Edited by James Rubin.
