As the company receives clearance to operate in the country, the chief executive of payments network Ripple Labs is praising Singapore for its approach to crypto assets.
In a recent news release, Ripple reports that the Monetary Authority of Singapore (MAS) has granted it an in-principle payments license, allowing it to provide services related to digital assets in Singapore.
According to Brad Garlinghouse, CEO of Ripple, Singapore’s strategy to regulating digital currency is both practical and creative.
“As a significant global financial hub, Singapore led the way in adopting a pragmatic, innovation-first approach to crypto; we’re incredibly proud that Ripple is one of a select few companies to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services!”
In the press release, Garlinghouse explains his position and claims that the MAS has created clear and appropriate norms for the digital asset business.
“The MAS continues to be a global leader in setting precise guidelines that acknowledge the innovation and practical usability of digital assets as well as their advantages for the world’s financial system.
We are eager to build this relationship further in order to jointly accelerate the ecosystem for digital assets in Singapore’s growth and development.
According to Ripple, Singapore was picked as a location for business because of its thriving crypto industry, which the company characterized as having a “monumental growth trajectory.”
“In 2022, ripple experienced unheard-of business momentum for ODL (on-demand liquidity) across the globe, with a large portion of this growth driven by its Singapore operations.”
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