Attorney Morgan seeks clarity on whether Ripple’s newly-secured in-principle license will involve ODL transactions that leverage XRP.
XRP community members have expressed excitement after Ripple obtained in-principle approval from the Monetary Authority of Singapore (MAS). With the license, Ripple can offer digital asset payments and token products in Singapore.
Consequently, Ripple now ranks among the top 20 firms that have secured a MAS in-principle approval for a Major Payments Institution license.
Attorney Morgan Seeks Clarity
Despite the remarkable feat, some XRP community members have taken to Twitter to seek clarification regarding the approval.
In a tweet today, Australian-based lawyer Bill Morgan asked whether the license relates to On-Demand Liquidity (ODL) transactions that include XRP.
It seems this new Singapore licence relates to ODL transactions that include XRP. Is that so? https://t.co/rPPUsO9HAJ
— bill morgan (@Belisarius2020) June 22, 2023
Attorney Morgan raised the question while reacting to Ripple President Monica Long’s tweet about the newly-secured license.
Responding to Morgan, a Twitter user cited Long’s tweet stating, “APAC is already a huge market for Ripple, with ODL volumes flowing through Singapore.”
In response, attorney Morgan asserted that “not all ODL transactions use XRP.” He added that the motive behind his query is to get clarifications from Long on whether the license will cover ODL transactions that leverage XRP.
Not all ODL transactions use XRP. I am seeking clarification from @MonicaLongSF that the licence covers ODL transactions that use XRP.
— bill morgan (@Belisarius2020) June 22, 2023
ODL Utilizes XRP For Settlements
Interestingly, Morgan’s comment stirred reactions within the community, with many members clearly stating that ODL leverages XRP.
Per an announcement, the MAS license will enable the company’s subsidiary Ripple Markets Asia Pacific, to scale its ODL service. For context, ODL leverages XRP as a bridge currency for low-cost and instant cross-border settlements.
Long noted that ODL has received widespread adoption, recording a whopping 5x year-on-year growth last year in Singapore.
Top Execs Comment on Ripple In-Principle License
Meanwhile, top Ripple execs have commented on the newly-secured in-principle approval from Singapore’s regulator.
Commenting on the development, Ripple CEO Brad Garlinghouse described Singapore as a major global financial center that leads the way in a pragmatic, innovation-first approach to crypto, adding:
“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!”
Today's news is the result of months of thoughtful engagement by a world class regulator in @MAS_sg . Looking forward to watching @Ripple continue to build in jurisdictions like Singapore that are laser focused on building comprehensive regulatory frameworks for digital assets. https://t.co/RzYokrFbyK
— Susan Friedman (@ss_friedman) June 22, 2023
In addition, Ripple’s General Counsel Stuart Alderoty commended MAS for developing a framework that unites consumer protection, market integrity, and innovation.
Alderoty noted that the MAS has also regulated digital assets, making it possible for Ripple to offer compliant products. Moreover, Alderoty said regulatory clarity would drive crypto utility for real-world use cases.
Today's news is the result of months of thoughtful engagement by a world class regulator in @MAS_sg . Looking forward to watching @Ripple continue to build in jurisdictions like Singapore that are laser focused on building comprehensive regulatory frameworks for digital assets. https://t.co/RzYokrFbyK
— Susan Friedman (@ss_friedman) June 22, 2023
Furthermore, Ripple Head of Policy Susan Friedman was also among the company’s execs who commented on the development. According to Friedman, Ripple successfully secured the in-principle approval following months of thoughtful engagement with MAS.
Today's news is the result of months of thoughtful engagement by a world class regulator in @MAS_sg . Looking forward to watching @Ripple continue to build in jurisdictions like Singapore that are laser focused on building comprehensive regulatory frameworks for digital assets. https://t.co/RzYokrFbyK
— Susan Friedman (@ss_friedman) June 22, 2023
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