The chief executive of payments platform Ripple Labs is commending Singapore for its approach to crypto assets as the firm obtains approval to operate in the nation.
In a new press release, Ripple announces that it has obtained an in-principle payments license from the Monetary Authority of Singapore (MAS) which would allow it to offer digital asset services in the country.
Ripple CEO Brad Garlinghouse says that Singapore’s approach to regulating crypto assets is pragmatic and innovative.
“As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud Ripple is one of a handful of firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services!”
Garlinghouse elaborates on his stance in the press release, saying that the MAS has established clear and apt guidelines for the digital asset industry.
“The MAS continues to be a global leader in establishing clear rules of the road to recognize the innovation and real-world utility of digital assets, and its benefits to the global financial system.
We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore.”
According to Ripple, Singapore was chosen as a destination to do business because of its booming crypto economy, which the firm described as having a “monumental growth trajectory.”
“Ripple experienced unprecedented business momentum for ODL (on-demand liquidity) globally in 2022 – with a majority of this growth driven by its Singapore operations.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Stock Picture Store
