The blockchain and crypto solution company, Ripple gets the in-principle regulatory approval in Singapore.
Ripple Markets APAC, the subsidiary of Ripple, has obtained in-principle approval of the major payments institution license application from the Monetary Authority of Singapore (MAS), according to the company’s announcement. With this approval, Ripple will be able to offer regulated digital payment token products and services in Singapore.
The firm will also be able to scale its customers' use of its crypto-enabled on-demand liquidity (ODL) service. In 2022, a majority of Ripple’s global ODL transactions flowed through Singapore, which serves as the company’s headquarters for Asia Pacific.
