Ripple obtains basic approval for payment agency license in Singapore | CoinDesk JAPAN | Coin Desk Japan

Ripple announced today that it has obtained basic approval for the Major Payments Institution License from the Monetary Authority of Singapore (MAS).

The company said the license will allow it to offer regulated digital payment token products and services in Singapore, as well as further expand the use of its cryptographic on-demand liquidity (ODL) platform.

“We are pleased that Singapore has taken a positive approach to how it regulates digital assets,” Ripple Chief Legal Officer Stuart Alderoty told CoinDesk.

“With their licensing framework, they have crafted a way to create a clear taxonomy of digital assets, balancing the need to protect consumer interests with the need to protect market integrity, while We are trying to encourage innovation and investment.”

Ripple said it has 50 employees in its Singapore office, up 50% year-on-year. We are promoting recruitment in business development, compliance, finance, legal affairs, sales, etc., and are increasing our presence in Singapore.

“With this license, we have a real business, a real product, like Coinbase, Circle, etc., and the means to play by the rules once the rules are clearly set. stand shoulder to shoulder with the company

So far, MAS has approved 190 major payment institution licenses and 11 digital payment token service licenses.

According to local media, since January 2020, MAS has received more than 680 applications for payment service licenses, of which 17 were rejected and 214 were withdrawn.

Binance has pulled out of Singapore and canceled its application for a digital payment token license in December 2021.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Landscape of Singapore (Pixabay)
｜Original: Ripple Obtains In-Principle Approval for Major Payments Institution License in Singapore