The Monetary Authority of Singapore (MAS) has approved Ripple's application for a licence, granting it permission to provide regulated digital payment token services and products within the country. This will allow customers to take advantage of its on-demand liquidity (ODL) cryptocurrency service.
Brad Garlinghouse, chief executive of Ripple, said Singapore is a world leader in developing regulations that recognise the innovation and practical use of digital assets and their contribution to the global financial system.
Obtaining a payment licence will allow Ripple to move forward in its quest to simplify cross-border transfers and revolutionise the classic financial system. The Singapore Monetary Authority's endorsement reaffirms Ripple's commitment to regulatory compliance, reinforcing its reputation as a trusted contender in the sector.
With its ability to provide a wide range of tokenised products and services, Ripple is in a good position to encourage the use of XRP and allow its users to benefit from this innovative digital asset.