Ripple Labs, a payments network, has been granted permission to operate in Singapore, and the company’s CEO has praised the country for its attitude towards cryptocurrencies.
Ripple has announced in a press release that it has been granted a payments licence in principle by the Monetary Authority of Singapore (MAS), paving the way for the company to provide digital asset services in Singapore.
Brad Garlinghouse, CEO of Ripple, has praised Singapore for its forward-thinking and practical approach to regulating digital currencies.
“As a leading global financial hub, Singapore has been at the forefront of adopting a pragmatic, innovation-first approach to cryptocurrencies, and we couldn’t be more pleased that Ripple is among a select group of companies to get in-principle permission for a MAS MPI (Major Payments Institution) licence for digital payment token services.”
In the press release, Garlinghouse explains his position further, arguing that the MAS has laid out appropriate and unambiguous norms for the digital asset business.
The advantages of digital assets to the global financial system have been recognised, and the MAS has been a pioneer in setting clear guidelines for their use.
“We are excited to work together to expand the digital assets ecosystem in Singapore further and look forward to deepening our cooperation.”
Ripple claims that the thriving crypto economy in Singapore is a primary reason for the company’s decision to set up shop there, citing the country’s “monumental growth trajectory.”
According to the report, “Ripple experienced unprecedented business momentum for ODL (on-demand liquidity) globally in 2022 – with the majority of this growth driven by its Singapore operations.”
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