Ripple Receives Preliminary Approval For Payments Institution License in Singapore.

The Monetary Authority of Singapore (MAS) has awarded a total of 190 Major Payment Institution Licenses, including 11 to Digital Payment Token companies. The approval given to Ripple allows its Singapore branch to offer regulated digital payment token products and services while expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) platform in the country, which experienced a five-fold growth year-on-year.

Ripple Chief Legal Officer Stu Alderoty expressed satisfaction with the progressive approach adopted by Singapore to regulating digital assets. He commended the local licensing framework for establishing a clear classification system for digital assets that balances consumer protection and market integrity while fostering innovation and investment.

The Singaporean Ripple branch has also seen significant growth, with a 50% increase in headcount, now totaling 50 full-time employees across various departments such as business development, compliance, finance, legal, and sales.

Alderoty emphasized that this expansion in Singapore is due in part to the opportunities presented by the thriving licensed digital assets market in the country. He noted that Singapore is attracting responsible players in the industry, with Ripple joining the ranks of Coinbase, Circle, and others who have legitimate businesses and products and are committed to adhering to regulations.

To date, MAS has approved 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses. Various reports further indicate that MAS has received over 680 applications for payment services licenses since January 2020, with 17 rejections and 214 withdrawals. In December 2021, Binance withdrew from Singapore and canceled its application for a Digital Payment Token license.