Asian cryptocurrency payments company TripleA is the first standard payment institution to secure a digital payment token license from the Monetary Authority of Singapore (MAS), the country’s central bank, according to a company announcement Tuesday (Nov. 30).
TripleA’s cryptocurrency license allows the firm 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 merchant acquisition services.
“We are elated by the news of being licensed by MAS,” said Eric Barbier, CEO and founder of TripleA. “Singapore is one of the countries that openly support blockchain projects and cryptocurrencies. Being granted a crypto license allows us to expand cryptocurrency access to more residents and also strengthen our positioning as a trusted and reliable crypto payments partner for businesses worldwide.”
TripleA “has created a safe and secure crypto payment ecosystem for businesses,” one of the reasons it was able to earn the MAS license, per the announcement. The approval allows TripleA to “accelerate its efforts in reaching largely untapped markets to facilitate crypto payments between businesses and people globally,” the post continues.
MAS reviewed more than 170 license applications from digital payment token service providers as part of the process of granting one to TripleA. MAS’ regulation of digital payment token service providers focuses largely on preventing money laundering and terrorist financing.
Related: Singapore Monetary Authority Says In No Rush For CBDCs
Earlier this month, MAS Managing Director 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 toward cryptocurrency, and Menon said there are “many potential benefits” to using crypto for cross-border money transfers. However, Menon added that Singapore is not close to working on its own central bank digital currency for retail use.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More