The CEO of payments platform Ripple Labs praises Singapore for its approach to crypto assets as the company gains approval to operate in the country.
In a new press release, Ripple announces that it has obtained a payment-in-principle license from the Monetary Authority of Singapore (MAS), allowing it to offer digital asset services in the country.
Ripple CEO Brad Garlinghouse say that Singapore’s approach to regulating crypto assets is pragmatic and innovative.
“As a major global financial center, Singapore has been at the forefront of taking a pragmatic, innovation-driven approach to crypto – we are incredibly proud that Ripple is one of the few companies to have received approval in principle for a MAS MPI (Major Payments Institution ) license for digital payment token services!”
Garlinghouse explains his position in the press release, saying the MAS has established clear and appropriate guidelines for the digital asset industry.
“The MAS continues to be a global leader in establishing clear rules to recognize the innovation and practicality of digital assets and their benefits to the global financial system.
We look forward to strengthening this partnership to jointly drive the growth and development of Singapore’s digital asset ecosystem.”
According to Ripple, Singapore was chosen as a destination to do business due to its thriving crypto economy, which the company described as having a “monumental growth trajectory”.
“Ripple experienced unprecedented business momentum for ODL (on-demand liquidity) globally in 2022 – with the majority of this growth being driven by its Singapore operations.”
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