Ripple, a blockchain payments company in San Francisco, has received prior permission from Singapore’s top financial regulator.
This is preliminary clearance from the MAS to operate as a Major Payments Institution. According to a press statement issued by the business on June 21st, this authorization would allow Ripple to provide digital asset payments and token goods throughout the country.
“We are extremely honoured to have been granted an in-principle licence by the MAS, which reaffirms our dedication to the area and maintaining proactive engagement with regulators worldwide.”
Since 2017, Ripple has called Singapore home for its Asia-Pacific operations. Ripple said in a separate statement that it had doubled the size of its Singapore office to 50 full-time personnel.
After receiving the go-light from the MAS, Ripple’s chief legal officer Stuart Alderoty said that Singapore’s “early leadership” is a model for other nations working to establish a “clear taxonomy and licencing framework.”
In June, Ripple became the newest business granted permission to provide digital payment token services in Singapore. Crypto.com and Circle have just been licenced as MPIs, or major payment institutions.
CEO of Ripple Brad Garlinghouse also praised the Singaporean authority on Thursday, saying that it is “a global leader in setting clear rules of the road to recognise the innovation and real-world utility of digital assets.”
Ripple has had a smooth compliance journey in Singapore with no regulatory roadblocks, but things have been more difficult in the United States. Since late 2020, when the SEC first sued the fintech startup for issuing XRP cryptocurrency in an unregistered securities offering, the two sides have been locked in a bitter legal battle threatening to derail the company’s ability to do business.
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