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.
[adinserter block="1"]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.”
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