Enterprise blockchain company, Ripple, has received in-principle approval of the Major Payments Institution License application in Singapore. The approval was granted by the Monetary Authority of Singapore (MAS). The details of the license reveal that Ripple is now authorized to offer “digital payment token products and services in Singapore,” while complying with all regulatory guidelines.
Ripple is a technology company that focuses on providing real-time gross settlement systems, currency exchange, and remittance network services. It was founded in 2012 by Chris Larsen and Jed McCaleb. Ripple’s primary product is RippleNet, a global network of financial institutions and payment providers that enables fast and secure cross-border transactions.
RippleNet utilizes a decentralized digital asset called XRP, which can be used as a bridge currency for transferring value between different fiat currencies. XRP is designed to facilitate efficient and low-cost transactions, with the goal of enabling faster international money transfers compared to traditional banking systems.
Ripple saw significant growth in 2022, particularly in Singapore, where the majority of global ODL transactions took place. As a result, Ripple doubled its workforce in Singapore across various departments and plans to expand further in the region.
Brad Garlinghouse, Chief Executive Officer of Ripple, said that the importance of Singapore as a leading global financial center is crucial in relation to the company receiving its latest approval from the country. “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.”
Ripple commends Singapore’s regulatory leadership and welcomes in-principle approval from MAS to support customers in blockchain and crypto technologies for a global financial system.
While the enterprise-based blockchain firm is expanding globally , it is still facing legal charges with the SEC. In 2020, the U.S in the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company and its executives of unlawfully selling XRP, a cryptocurrency created in 2012, to investors without proper security registration.
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