Ripple has taken a significant step ahead in its worldwide growth by obtaining in-principle approval from the Monetary Authority of Singapore (MAS) to offer regulated digital payment token products and services.
Ripple’s approval by the MAS comes at a time when the crypto sector is under attack from US regulators, especially the SEC.
This initiative strengthens Singapore’s image as a leading digital and financial center, home to important corporations such as DBS.
This approval is a significant turning point for Ripple and will allow Ripple to expand its operations in Singapore and offer its innovative payment solutions to businesses and consumers in the APAC region.
Ripple CEO Brad Garlinghouse expressed his happiness with the company’s in-principle approval from the MAS on Twitter, stating that it is a reiteration of Ripple’s commitment to the region and proactive interaction with regulators on a global scale.
Ripple’s legal team has been fighting an uphill battle against the SEC, but they are determined to clear the company’s name and prove that XRP is not a security.
Ripple collaborated with Colombia’s central bank, Banco de la Republica, on June 15 to develop a Central Bank Digital Currency (CBDC) on its XRP Ledger.
Ripple has collaborated with central banks in Montenegro and other countries, as well as several financial institutions worldwide.