Following regulatory challenges in the US, Ripple is looking to expand its presence in Singapore.
Ripple, a real-time gross settlement system, currency exchange and remittance network, has secured in-principle regulatory consent from the Monetary Authority of Singapore (MAS).
On June 22nd, Ripple unveiled the news in a dedicated blog post and Twitter post.
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This nod allows Ripple's subsidiary, Ripple Markets Asia Pacific, to expand the scope of its On-Demand Liquidity (ODL), a service enabling the seamless global transfer of the digital currency XRP, bypassing the need for traditional banking intermediaries.
On top of that, with the in-principle approval, Ripple can present digital asset payment services and token products within the city-state.
The CEO of Ripple, Brad Garlinghouse, applauded the MAS for its progressive, innovation-centric approach towards services related to cryptocurrencies. Garlinghouse sees Singapore as a “prominent gateway” for Ripple's commercial activities in the Asia Pacific region.
Stu Alderoty, the Chief Legal Officer of Ripple, further highlighted Singapore's pioneering efforts in setting a path for other regulators seeking to establish a definitive taxonomy and licensing framework. Moreover, Alderoty added:
This in-principle regulatory approval from the MAS will enable us to better support our forward-thinking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.
Though Ripple's compliance journey in Singapore was smooth, the situation has been quite the opposite in the United States.
The company has been embroiled in a legal tussle with the US Securities Exchange Commission since December 2020 over allegations of offering XRP as an unregistered security.
Recently, Ripple's CEO Brad Garlinghouse urged the crypto community to continue fighting for clear crypto industry regulations, despite its case against the Securities and Exchange Commission going to an end.
It is worth noting that Ripple is not the only crypto-related firm eyeing expansion to the Asia Pacific region. On June 20th, crypto exchange Gemini unveiled plans to solidify its presence in the area.
