Last Updated: 22 June 2023
Ripple, a prominent player in the enterprise blockchain and cryptocurrency industry, has recently announced a significant milestone in its operations. The company has obtained ‘In-Principle Approval’ from the Monetary Authority of Singapore (MAS) for its subsidiary, Ripple Markets APAC Pte Ltd. This regulatory approval paves the way for Ripple to offer digital payment token services and products under Singapore’s regulations, thereby enhancing its ability to expand the utilization of its On-Demand Liquidity (ODL) service, which relies on cryptocurrencies.
Ripple’s Remarkable Progress with ODL Service
Throughout 2022, Ripple observed exceptional growth and progress with its ODL service, which employs XRP as the bridge currency, on a global scale. In this impressive growth journey, Singapore, serving as Ripple’s APAC headquarters, played a pivotal role. It was revealed that Singapore facilitated the majority of global ODL transactions in the previous year. Recognizing this steep growth trajectory, Ripple has significantly strengthened its Singapore team in various areas, including legal, finance, sales, compliance, and business development, with expectations of further growth in this rapidly expanding region.
Ripple’s CEO Acknowledges Singapore’s Significance
Brad Garlinghouse, the CEO of Ripple, highlighted the significance of attaining ‘in-principle’ approval from MAS, commending Singapore’s position as a global financial hub and a vital gateway to business in the Asia Pacific region. Garlinghouse also emphasized MAS’s progressive approach toward digital assets and its impact on the international financial system. Ripple is keen on fortifying this partnership to enhance Singapore’s digital asset ecosystem.
Ripple and MAS Collaboration
Stu Alderoty, Ripple’s Chief Legal Officer, acknowledged that many countries developing regulatory frameworks for cryptocurrencies are looking to Singapore for its early leadership in establishing clear taxonomy and licensing. Alderoty believes that obtaining preliminary regulatory approval from MAS will enable Ripple to better assist its progressive clients seeking to leverage blockchain and cryptocurrency technologies, ultimately fostering a more inclusive and borderless financial system.
Ripple’s Participation in Point Zero Forum
Continuing their collaborative efforts, Brad Garlinghouse, Ripple’s CEO, has been invited to speak at the Point Zero Forum in Zurich, Switzerland, on June 27, 2023. The forum will focus on the renewed wave of innovation in digital assets driven by thoughtful regulation and investment. Garlinghouse will share insights on the subject, further solidifying Ripple’s position as a thought leader in the cryptocurrency industry.
As Brad Garlinghouse, Ripple’s CEO, prepares to address the Point Zero Forum on the innovative landscape of digital assets, the significance of thoughtful regulation and investment cannot be overstated. In light of this, leading investment platforms such as Bitcoin System and Crypto Code have emerged as trusted destinations for individuals seeking to explore and capitalize on the dynamic world of cryptocurrencies. These platforms provide users with a comprehensive range of investment options, allowing them to actively participate in the transformative potential of digital assets.