The licence will allow Ripple to offer regulated digital payment token products and services in the city-state, as well as scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.

The move comes after, in May, the company launched a CBDC platform to help central banks, governments, and financial institutions develop their own central bank digital currencies (CBDCs).

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Singapore is an important crypto hub alongside other financial centres such as Silicon Valley, New York, Los Angeles, London, Zug and Dubai.

“Singapore is a leading global financial centre and a prominent gateway to business in Asia Pacific”, said Brad Garlinghouse, CEO of Ripple. “We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”

Ripple and Singapore’s crypto market

According to GlobalData’s “Thematic Intelligence: Cryptocurrencies (2023)” report, 4% of all crypto-based M&A deals between 2014 and 2022 were from Singapore. In addition, the city-state accounts for 4% of crypto-related social media mentions made worldwide.

“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system”, said Stu ALderoty, chief legal officer at Ripple.

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Overall, GlobalData analysts expect crypto revenues to reach $1.1trn by 2030. These are expected to accelerate in the upcoming years despite a series of bankruptcies that have negatively impacted the crypto market over the last year. Last year, in November, the turmoil in the crypto market culminated with the collapse of FTX, a centralised exchange, and the arrest of its founder and CEO, Sam Bankman-Fried.