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Ripple to Offer Digital Payment Services in Singapore After Receiving Regulatory Approval

June 22 (Cointime) - Ripple Labs' Asia-Pacific branch has been granted in-principle approval for its Major Payments Institution License application by the Monetary Authority of Singapore (MAS), allowing it to offer digital payment services in Singapore.

The license will permit Ripple Markets APAC Pte to provide regulated digital payment token services and expand customer usage of its On-Demand Liquidity (ODL) service, which uses the XRP cryptocurrency to facilitate cross-border payments.

Ripple's success in obtaining regulatory approval from MAS is due to Singapore's early leadership in developing a clear taxonomy and licensing framework for crypto. Ripple has also collaborated with Fubon Bank to explore use cases for Hong Kong's central bank digital currency, the e-HKD, and is currently in a court battle against the Securities and Exchange Commission in the US.

XRP XRP $2.22
-0.87%
Singapore
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