Ripple has announced receiving In-Principle Regulatory Approval from the Monetary Authority of Singapore, also known as MAS. This development will enable Ripple to offer regulated digital assets to the residents of Singapore. This includes all the products and services pertaining to digital assets, including the scalability factor of ODL.
Singapore is currently leading the charge globally to become a financial hub. So far, the government has been able to draft a clear set of regulations for digital assets and crypto ventures. The same has been acknowledged by Ripple while making the announcement, further stating that fewer than 20 crypto ventures hold In-Principle Regulatory Approval from MAS.
The development aligns with the goals of Ripple, which are to expand its customer base and help access a larger digital market. Ripple will now be able to operate as a Major Payments Institution under the umbrella of its Singaporean arm, Ripple Markets APAC Pte Ltd.
Having said that, the goal goes beyond the boundaries of Singapore. For Ripple, obtaining the license means opening a door that enables it to explore opportunities in the entire APAC region. This Asia-Pacific region includes countries located in South-East Asia, East Asia, and Oceania.
Brad Garlinghouse, the Chief Executive Officer of Ripple, has called Singapore a prominent gateway to business in the Asia Pacific, also appreciating the region’s efforts to become the global financial center. Brad said that they are extremely proud of the development, reaffirming their commitment and engagement with regulators all over the world.
Stu Alderoty, the Chief Legal Officer at Ripple, said that many countries are indeed looking to Singapore while developing an effective framework to accommodate the growing industry of digital assets. Stu further stated that receiving the In-Principle Regulatory Approval from the Monetary Authority of Singapore will help them offer support to customers who are looking to explore blockchain and crypto-related technology.
Moreover, as Ripple gains traction across the APAC region, it will serve the countries well since it will facilitate streamlined cross-border transactions with near-instant confirmations.
Ripple has been aiming to grow in Singapore since 2017, when it first established its Asia Pacific headquarters. Ripple is credited with accelerating the education supply by hosting conferences, like the Swell Global Conference, in the country. The last one was held two years ago with the agenda of understanding how one can progressively adopt digital assets.
As Ripple continues to grow in Singapore, or any other region for that matter, it will directly impact the trading value of its native token. XRP is currently trading at $0.5149. Per estimates, the future of XRP is brighter, with the value likely to cross the $1 mark by the end of 2024, which is the following year.
Ripple experienced growth in 2022, when it added a large number of customers to its ecosystem. MAS granting the license adds a lot of value to that growth, further pushed by Ripple’s growing number of employees to support the rising demand.