Blockchain-based payments firm Ripple has received approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state.
Ripple has announced that it will help scale its On-Demand Liquidity service, which it uses to provide XRP liquidity to customers. Making a statement on June 22, the company confirmed the approval of the Monetary Authority of Singapore (MAS). The approval will allow its subsidiary, Ripple Markets Asia Pacific, to further scale its On-Demand Liquidity (ODL). ODL will provide services for Ripple customers to move XRP around the world without interfering with banks as intermediaries.
Statement from Ripple’s Authorized Names
Ripple CEO Brad Garlinghouse praised the Singaporean regulator for its approach to innovation in cryptocurrency-related services. He also added that it will provide a gateway function for Ripple’s commercial operations in the Asia Pacific region. Stu Alderoty, Ripple’s Chief Legal Officer, stated that Singapore has paved the way for other regulators who want to develop licensing.
Alderoty explained that the approval expands according to Ripple’s customer reach, saying;
“This principal regulatory approval from MAS will enable us to better support our forward-thinking clients who want to focus on blockchain and crypto technologies to create a more inclusive and borderless financial system.”
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