Ripple Announces Entrance Into New, MAJOR Market!
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June 22, 2023 9:35 am
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Singapore is quickly becoming the world’s financial center, and there can be little doubt that at some point within the 21st century, it will wrestle that title away from New York.
This is important to remember when considering Ripple’s latest announcement.
According to the blockchain firm, Ripple has been granted an ‘in-principle’ approval from Singapore’s central bank—The Monetary Authority of Singapore.
On Tuesday, Ripple Labs made this announcement via Twitter:
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. 🇸🇬
Learn more: https://t.co/8Ylc3lZSeg
— Ripple (@Ripple) June 22, 2023
Ripple CEO Brad Garlinghouse explained the significance of this recent development:
“As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud. Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”
As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services! https://t.co/Mt1J3qMeI0
— Brad Garlinghouse (@bgarlinghouse) June 22, 2023
The Block reports:
The approval will also allow the company to further scale customer use of its crypto-enabled On-Demand Liquidity service, the company said in a statement late Wednesday. The platform allows financial institutions to send money across borders instantly using XRP as a bridge currency.
Stuart Alderoty, Ripple’s Chief Legal Officer, had this to say about the approval:
“The Monetary Authority of Singapore has built a workable framework that truly unites consumer protection, market integrity and innovation. They’ve also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products.
It’s been said many times, but bears repeating – regulatory clarity is what will help drive crypto utility for real-world use cases.”
2/ It’s been said many times, but bears repeating – regulatory clarity is what will help drive crypto utility for real-world use cases.
— Stuart Alderoty (@s_alderoty) June 22, 2023
Ripple President Monica Long states:
“As RippleNet grows into a platform with regulated crypto-enabled services like instant settlement and liquidity, obtaining licenses in jurisdictions like Singapore is key.
I’m especially excited for the potential for growth here. APAC is already a huge market for Ripple, with ODL volumes flowing through Singapore growing over 5x year-on-year in 2022!”
I’m especially excited for the potential for growth here. APAC is already a huge market for Ripple, with ODL volumes flowing through Singapore growing over 5x year-on-year in 2022! 2/2
— Monica Long (@MonicaLongSF) June 22, 2023
CoinDesk adds:
Ripple said that its Singapore office saw a 50% year-on-year increase in headcount, amounting to 50 full-time staff, hiring across key functions such as business development, compliance, finance, legal, and sales as it ramps up its presence in the country.
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