Ripple has received an in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS).
The License Would Enable Ripple's Singaporean Subsidiary to Provide Regulated Digital Payment Token Products and Services
Ripple has received an in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS). The license would enable Ripple's Singaporean subsidiary to provide regulated digital payment token products and services and expand the number of users of its On-Demand Liquidity (ODL) platform.
Ripple's Singapore office has hired 50 full-time employees, a 50% year-over-year increase in headcount, to cover important positions in business development, compliance, finance, legal and sales.
Ripple's Chief Legal Officer, Stu Alderoty, said to CoinDesk:
“With their licensing framework, they have figured out how to create a clear taxonomy for digital assets[...] that promotes innovation and investment.”
MAS has approved 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses so far, with Circle and Crypto.com receiving their license earlier in June. MAS has reportedly received more than 680 applications since January 2020, with 17 being rejected and 214 applications withdrawn.
