TripleA secures MAS license in Singapore for crypto payment services
TripleA, a large crypto payments platform, has announced that it has received a license from the Monetary Authority of Singapore which helps it to launch a variety of payment services related to crypto in the future.
Getting a crypto payments license from a strong jurisdiction like Singapore should be a shot in the arm and it is reported that around 170 applications are pending with the MAS for such approvals.
License for Crypto Payment Services
This license gives the firm the license to launch end-to-end crypto payment services, remittances as well as white label crypto trading services of digital tokens which can then be used by itself or assigned to other similar businesses that can launch white labels of the same service. The fact that this license has been granted by the MAS shows their inclination towards crypto-related businesses and how they are being viewed kindly by the central bank and the regulator in the country.
“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.”
Singapore Emerging as Crypto Destination
Singapore is fast emerging as a crypto hub and the policies of the regulator have also been generally favorable to crypto businesses which have led to the opening up of many crypto businesses in that region. The country depends a lot on fintech and financial services and so it makes sense for them to fully support the next generation of the fintech business which is what crypto and blockchain are likely to be. Though it had been initially skeptical of the crypto-related businesses, like most of the regulators around the world, it has now come around to the view that crypto is here to stay and so has been pushing hard on regulating the industry and the related businesses and at the same time, ensuring that they are kept under control and watch. By encouraging them to get regulated, they have created a win-win situation for all involved and this is likely to open up the country for a surge of crypto-related businesses in the future.