CryptoNews: Ripple has received an in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS). 🇸🇬
from the Monetary Authority of Singapore . The license would enable Ripple's Singaporean subsidiary to provide regulated digital payment token products and services and expand the number of users of its On-Demand Liquidity platform.
Ripple's Singapore office has hired 50 full-time employees, a 50% year-over-year increase in headcount, to cover important positions in business development, compliance, finance, legal and sales.“With their licensing framework, they have figured out how to create a clear taxonomy for digital assets[...] that promotes innovation and investment.”
MAS has approved 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses so far, with Circle and Crypto.com receiving their license earlier in June. MAS has reportedly received more than 680 applications since January 2020, with 17 being rejected and 214 applications withdrawn.Related Articles
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Crypto firm Ripple gets in-principle payments license in SingaporeRipple said it received in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country's central bank.
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Ripple Makes Progress in SingaporeRipple has secured in-principle approval from the Monetary Authority of Singapore (MAS) to offer regulated digital payment token services
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