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This license will allow Ripple to offer regulated products and services of digital payment token in the city-state and further scale the use that their clients make of their on-demand liquidity (ODL) service enabled for cryptocurrencies.

Ripple, the leader in enterprise blockchain and cryptocurrency solutions, announced this Thursday that its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, obtained in-principle approval (AiP) for its application for a major payment institution license from the Monetary Authority of Singapore (MAS).