Ripple Receives In-Principle Approval for Major Payment Institution License in Singapore

Ripple, the issuer of popular altcoin XRP, received in-principle approval for a Major Payment Institution License application from the Monetary Authority of Singapore. This approval is significant for the company’s expansion outside the United States. Approval in Principle for Major Payment Institution License Application The company recently announced that the approval would also enable the company to further scale customer usage of its crypto-backed On-Demand Liquidity (ODL) service. The service allows financial institutions to send money across borders instantly using XRP as a bridge currency. In a statement, Ripple CEO Brad Garlinghouse said that Singapore “continues to be a global leader in setting open rules to recognize the innovation and real-world benefits digital assets bring to the global financial system.” Ripple’s Chief Legal Officer, Stu Alderoty, noted that many countries are closely following Singapore’s pioneering leadership in developing a clear classification and licensing framework. For Ripple to receive final approval […] The post Ripple Receives In-Principle Approval for Major Payment Institution License in Singapore appeared first on COINTURK NEWS.