Ripple, the blockchain payments company, has obtained in-principle regulatory approval from the Monetary Authority of Singapore (MAS) to become a major payments institution (MPI). This approval allows Ripple to offer regulated digital asset products and services in Singapore and to scale customer use of its On-Demand Liquidity (ODL) product.
Singapore is a leading global financial centre, and its regulatory framework for digital assets is considered to be one of the most progressive in the world. The MAS’s in-principle approval for Ripple is a significant endorsement of the company’s technology and its commitment to compliance.
Ripple has been active in the APAC region for several years, and this latest approval will allow it to further expand its presence in the region. The company already has a number of customers in Singapore, including banks, exchanges, and corporates. With this approval, Ripple will be able to offer its products and services to a wider range of customers in Singapore and across the APAC region.
The in-principle approval from the MAS is a major milestone for Ripple, and it is a sign of the company’s growing momentum in the APAC region. Ripple is well-positioned to capitalize on the growing demand for digital asset payments in the region, and this approval will help the company to accelerate its growth.
What does this mean for the future of digital asset payments in APAC?
The in-principle approval for Ripple is a positive development for the future of digital asset payments in APAC. It shows that regulators in the region are open to innovation and that they are willing to work with companies like Ripple to develop a regulatory framework that supports the growth of the digital asset industry.
This approval is likely to encourage other companies to develop digital asset payment products and services in APAC. It will also help to legitimize the use of digital assets for payments, and it will make it easier for businesses and consumers to adopt this new technology.
The future of digital asset payments in APAC is bright. With the in-principle approval for Ripple, the region is well-positioned to become a leading global hub for digital asset payments.
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