[NEWS] Ripple receives in-principle approval for major payments institution license in Singapore

On the 21st, Ripple announced that its subsidiary Ripple Markets APAC Pte Ltd has received approval in principle for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

This license will enable Ripple to provide regulated digital payment tokens and services and expand cross-border remittance services for the company's cryptocurrency XRP between bank and financial institution customers.

Brad Garlinghouse, CEO of Ripple, said, "We are very proud to receive the Approved in Principle License from MAS, reaffirming our commitment to Singapore and our ongoing and active engagement with regulators around the world."

Stuart Alderoty, Chief Legal Officer of Ripple, also commented, "As more countries establish regulatory frameworks for crypto assets, many countries are looking to Singapore for its leadership in quickly establishing clear regulations."

He further said, "This in-principle approval from the MAS will enable us to support forward-thinking clients who are working with blockchain and cryptocurrency technology to build a more inclusive and borderless financial system."

Last month, Ripple acquired Swiss-based digital asset custody company Metaco for $250 million (approximately 38.5 billion yen), and is steadily preparing to expand its business outside the United States.

Currently, the conflict between the SEC (Securities and Exchange Commission) and cryptocurrency-related businesses in the United States is becoming more serious, and Ripple is also in the midst of a dispute over XRP securities issues in December 2020. In light of this situation, Ripple has made it clear that it will focus on the Southeast Asian region from 2021.

In Southeast Asia, migrant workers frequently make overseas remittances, and XRP, which has low fees, is highly valued. For this reason, Ripple is also accelerating its efforts, viewing Southeast Asia as an important base.

According to the company, its workforce in Singapore has doubled since last year, particularly in key departments.

Source:Announcement
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