Crypto payment company TripleA obtained MAS license

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Asian cryptocurrency payment company TripleA is the first standard payment institution to obtain a digital payment token license from the Monetary Authority of Singapore (MAS), the country’s central bank, according to a company announcement on Tuesday. November 30.

The TripleAs cryptocurrency license enables the company to offer end-to-end cryptocurrency payment services for businesses, including crypto payments, crypto remittances, and white-label crypto trading in digital payment token services, domestic money transfer services, cross-border money transfer services and merchants. acquisition services.

We are delighted with the announcement that MAS has been licensed, said Eric Barbier, CEO and Founder of TripleA. Singapore is one of the countries that openly supports blockchain projects and cryptocurrencies. Granting a cryptocurrency license allows us to extend access to cryptocurrencies to more residents and also to strengthen our positioning as a reliable and trusted crypto payment partner for businesses around the world.

TripleA has created a safe and secure encrypted payment ecosystem for businesses, one of the reasons it was able to obtain the MAS license, according to the announcement. The approval allows TripleA to accelerate its efforts to reach largely untapped markets to facilitate crypto payments between businesses and individuals globally, the publication continues.

MAS has reviewed over 170 digital payment token service provider license applications as part of the TripleA licensing process. The MAS regulation of digital payment token service providers primarily focuses on preventing money laundering and terrorist financing.

Related: Singapore Monetary Authority Says It Is Not Rushing For CBDCs

Earlier this month, MAS chief executive Ravi Menon urged caution when it comes to making high-risk crypto investments during a speech at the Singapore Fintech Festival.

Singapore has taken a proactive and largely positive stance towards cryptocurrency, and Menon said there are many potential benefits to using crypto for cross-border money transfers. However, Menon added that Singapore was not set to work on its own central bank digital currency for retail use.

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