Many from the crypto community do not know Ripple as the company that is embroiled in the dragging lawsuit with the American Securities and Exchange Commission (SEC). The legal battle has been going on for more than two and a half years and no one knows exactly when the battle will end. However, the lawsuit has not stopped the company from continuing to expand and gain ground outside the United States.
The established crypto project tweeted yesterday that it has received good news from the authorities in Singapore that will take XRP adoption to the next level.
Ripple gets green light
Ripple said it has received “in principle” approval for a so-called Major Payment Institution License of the Monetary Authority of Singapore (MAS), the country’s central bank and regulator. This gives it the green light to offer digital asset payments and token products in the country.
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
The permission opens the doors for their subsidiary, Ripple Markets Asia Pacific, to sell it On Demand Liquidity (ODL) product to further scale up. ODL is intended to make cheap and direct international payments, without the intervention of banks.
The crypto powerhouse is licensed for institutional payments requested among the Singaporean Payment Service Act.
Stu Alderoty, de chief legal officer of Ripple, explained that the approval will expand Ripple’s customer reach:
“This preliminary regulatory approval from the MAS enables us to better support our forward-thinking clients who are looking to hone blockchain and crypto technologies to build a more inclusive and borderless financial system.”
Crypto move
Ripple CEO Brad Garlinghouse praised the Singaporean regulator for its ”pragmatic, innovation-driven approach” to crypto-related services. He also said that the country will provide a “prominent gateway” for Ripple’s business operations in the Asia-Pacific region.
Alderoty also noted that Singapore’s “early leadership”. paves the way for other regulators who want to develop a ”clear taxonomy and licensing framework”.
These statements illustrate the stark contrast to the regulatory situation in the United States. While the US is hostile to the crypto industry, the alternatives seem to be becoming more and more attractive.