THE Singapore subsidiary of crypto solutions provider Ripple has obtained in-principle approval for a major payment institution licence in Singapore, it said on Thursday (Jun 22).

The move will pave the way for the subsidiary, Ripple APAC, to offer regulated digital-payment token products and services in Singapore, allowing Ripple to better support its customers.

Major payment institutions can provide payment services without being subjected to specified thresholds.

Ripple, looking to boost its footprint in the region, has doubled its Singapore headcount in the past year. With Singapore as its Asia-Pacific headquarters, it has boosted key functions like business development, compliance, finance, legal and sales.

Stu Alderoty, Ripple’s chief legal officer, said: “As more countries look to develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework.”