Enterprise blockchain and crypto solutions company Ripple announced today (22nd June) that its Singapore subsidiary Ripple Markets APAC Pte Ltd has obtained In-Principle Approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS).

This license will allow Ripple to offer regulated digital payment token products and services in the city state, and further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, Chief Executive Officer of Ripple.

This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu
Alderoty, Chief Legal Officer of Ripple.

Ripple first launched the XRP Ledger in 2012, and saw a staggering increase in their ODL services last year.

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[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]

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