Monica Long, President of Ripple, a blockchain technology leader, recently emphasized the importance of acquiring licenses in jurisdictions such as Singapore. Long’s comments came after RippleNet received an in-principle license from the Monetary Authority of Singapore (MAS).
Celebrating the development, Long tweeted:
As RippleNet grows into a platform with regulated crypto-enabled services like instant settlement and liquidity, obtaining licenses in jurisdictions like Singapore is key. 1/2 https://t.co/1I1Lgt0k8Y— Monica Long (@MonicaLongSF) June 22, 2023
Furthermore, she expressed optimism about the potential for growth in the Asia-Pacific region, noting a significant increase in On-Demand Liquidity (ODL) volumes flowing through Singapore. According to Long, these volumes experienced an over five-fold growth year-on-year in 2022.
Ripple has acquired an in-principle license from the regulators of Singapore, allowing it to operate its RippleNet platform license-free in the city-state. This development is expected to expand further the usage of Ripple’s ODL platform, which has grown five-fold year on year in Singapore, per the official announcement.
The license allows Ripple’s Singapore office to provide regulated digital payment token goods and services. RippleNet is known for its regulated crypto-enabled services like instant settlement and liquidity, making it a highly trusted platform in Singapore. Furthermore, Ripple reported a 50% year-over-year growth in staffing, totaling 50 full-time workers, at its Singapore office, recruiting across critical roles like business development, compliance, finance, legal, and sales.
Brad Garlinghouse, Ripple’s CEO, also expressed his excitement about the company’s significant strides in the crypto space. He commended Singapore for its pragmatic, innovation-first approach to crypto, stating:
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 (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!
Against the backdrop of these developments, Ripple Labs continues to be embroiled in a legal tussle with the U.S. Securities and Exchange Commission (SEC) over allegations of selling unregistered securities. The outcome of this case is expected to have broad implications for the crypto industry and set a precedent for how the U.S. government categorizes and regulates crypto assets.