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, to customers XRP announced that it will help scale the On-Demand Liquidity service it uses to provide liquidity. Making a statement on June 22, the company said that the Monetary Authority of Singapore ( MAS ) confirmed its approval. The approval is the On-Demand Liquidity of its subsidiary, Ripple Markets Asia Pacific ( ODL ) will allow it to scale even further. 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.”
