- Ripple has confirmed that it has received “in principle” approval to offer digital assets services in Singapore
- The new approval allows the company to legally scale on-demand liquidity for XRP users in the country
Ripple has scored another regulatory win as it acquires an in-principle license to serve customers in Singapore. The Monetary Authority of Singapore (MAS) approved the approval per a June 22 statement.
Ripple to legally scale on-demand liquidity for XRP in Singapore
Ripple officially allowed to use its subsidiary, Ripple Markets Asia Pacific, to further scale its On-Demand Liquidity. The ODL will help XRP Ripple customers move their cryptos around the world without banks’ intervention as intermediaries.
Ripple had applied for the institutional Payment license under Singapore’s Payment Service Act, with CEO Brad Garlinghouse praising the Singaporean regulator for its pragmatic approach to crypto regulation. He added that the city-state would provide a prominent gateway for Ripple’s business operations in the Asia Pacific region.
The firm’s Chief Legal Officer, Stu Alderoty, also weighed in on the matter, saying that Singapore’s “early leadership” will pave the way for other regulators to develop a clear crypto regulatory framework.
In his words, he said:
“MAS 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.”
This win comes when the firm is battling the US SEC in court for regulatory uncertainties. The firm is defending that XRP is not a security against a hawkish regulator that is going after crypto organizations vehemently. The US SEC has also started legal proceedings against Binance and Coinbase; however, the odds are getting smaller for its win after the expose of Hinman documents.
Hinman was a key executive of the regulator who showed arrogance and dismissal of law in a 2018 anti-crypto speech. Since then, the regulator has gone after different crypto organizations on claims that they were evading being regulated. As a result of public dissatisfaction, a bill has also been tabled to restructure the SEC and make its operations more transparent.
Keep watching Fintech Express for updates on crypto regulation and other Fintech-related developments.