Monetary Authority of Singapore (MAS) Granted Ripple Approval in Principle for License Application MPI.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. 🇸🇬
Learn more: https://t.co/8Ylc3lZSeg
— Ripple (@Ripple) June 22, 2023
According to the statement, the decision of the agency will allow the local division of Ripple Markets APAC Pte Ltd to offer regulated products and services in the field of digital payment tokens.
The company plans to continue expanding its cryptocurrency payments business in Singapore and across the Asia Pacific (APAC) region.
“The payment solution from Ripple in 2022 has significantly expanded the customer base at APAC, providing businesses and financial institutions with the opportunity to streamline cross-border transfers. The number of employees in the Singapore office has doubled to meet the growing demand in the region,” the statement said.
Ripple has joined the list of less than 20 pre-approved or license holders from MAS.
Recall that in June this list included the USDC stablecoin issuer, Circle.
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