Ripple has secured approval of a license application from the Monetary Authority of Singapore, which will allow the local subsidiary to offer regulated digital payment token products and services in the city-state.
The company said in a statement that this will allow the company to further expand customer use of its cryptocurrency-backed on-demand liquidity (ODL) service.
Singapore “continues to be a global leader in setting clear rules of conduct to recognize the innovation and real utility of digital assets and their benefits to the global financial system,” said Ripple CEO Brad Garlinghouse.
By obtaining this payment license, Ripple will be able to further advance its mission of facilitating cross-border transactions and transforming the traditional financial system. The Singapore Monetary Authority’s approval confirms Ripple’s commitment to regulatory compliance, further cementing its position as a trusted player in the industry.
With the ability to offer a wider range of products and services with tokens, Ripple is well positioned to drive XRP adoption and enable its customers to take advantage of this innovative digital asset.
USA is “losing”
With recent lawsuits filed by the Securities and Exchange Commission against crypto exchanges Coinbase and Binance and the slow pace of Congress, some critics argue that uncertainty is hindering innovation in the country. Others, including SEC Chairman Gary Gensler, say current regulations are already in place to regulate cryptocurrencies.