SBI Ripple Asia CTO: Ripple is eligible for Singapore PSA license exemption

In January this year, Singapore passed a new cryptocurrency law, the Payment Services Act (PSA). Starting in 2020, Ripple and several other crypto-related companies have entered the exemption list. In a tweet on April 14, SBI Ripple Asia CTO and Director Ajeesh Sadanand stated that Ripple and XRP have gained trust in Singapore due to their efficient remittance solutions and can now operate in the country without a permit. Sadanand further stated that the Monetary Authority of Singapore (MAS) basically allows Ripple to provide services in Singapore without having to hold a license under the Payment Services Act because the company has a "seamless and tamper-resistant RippleNet".