Cryptocurrency firm Ripple has received in-principle regulatory approval to operate in Singapore, marking a significant step for the blockchain company amidst tightening global cryptocurrency regulations, CNBC reports.

License Approval

The Major Payment Institution Licence, granted by the Monetary Authority of Singapore, will enable Ripple to offer regulated digital payment token products and services, and expand the cross-border transfers of its associated cryptocurrency, XRP, among its customers, primarily banks and financial institutions.

Ripple’s Services

San Francisco-based Ripple is known for XRP and its blockchain-based interbank messaging services. Its on-demand liquidity service uses XRP as a “bridge” between currencies, facilitating faster cross-border transactions. Ripple also operates RippleNet, a blockchain-based international messaging system for large-scale fund transfers between financial institutions.

SEC Allegations

Ripple, its co-founder Christian Larsen, and CEO Brad Garlinghouse have been charged by the Securities and Exchange Commission (SEC) for conducting an illegal securities offering that raised over $1.3 billion through sales of XRP. Ripple refutes these allegations, asserting that XRP is a currency, not a security subject to strict regulations.

Expansion in Singapore

Singapore is a major currency corridor for Ripple’s cross-border money transfers using XRP. The company has doubled its headcount in Singapore over the past year across key functions and plans to continue expanding its presence there.

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