Asian cryptocurrency payments company TripleA has been granted a digital payment token license by the Monetary Authority of Singapore (MAS). TripleA is the first standard payment institution to receive this license, the company said.
The designation allows TripleA to provide end-to-end cryptocurrency payment services for businesses, including payments, payouts, remittances, and white-label trading in digital payment tokens, domestic and cross-border money transfers, and merchant acquisition services.
“We are elated by the news of being licensed by MAS,” TripleA CEO Eric Barbier said. “Singapore is one of the countries that openly support blockchain projects and cryptocurrencies. Being granted a crypto licence 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.”
With the prior license exemption provided under the Payment Services Act, TripleA said it has proven its capability to comply with MAS regulations, applicable to payment institutions and digital payment token service providers. They have also created a safe and secure crypto payment ecosystem for businesses, they added. With the crypto license, TripleA can accelerate its efforts in reaching largely untapped markets to facilitate crypto payments between businesses and people globally.
In October, DBS brokerage arm and Australian crypto exchange Independent Reserve was granted crypto licenses. The MAS said it received more than 170 license applications from digital payment token service providers, including global crypto exchanges such as Coinbase and Kraken.
Most Singaporeans are positive about cryptocurrencies. Research by Finder.com shows crypto adoption to be around 16 per cent of its population in Singapore (up from 9.4 per cent earlier this year). In a survey by Toluna, 93 per cent of Singaporeans had heard of crypto, while 59 per cent also believed that crypto would reach mass adoption.
As cryptocurrency adoption grows globally, TripleA said it aims to serve even more businesses worldwide as it truly believes that crypto is not going to be just a store of value but a valid alternative to traditional payment methods.
TripleA provides end-to-end crypto payments services, including crypto payment gateway for e-commerce, retail, and PSP; crypto invoicing for businesses; crypto top-ups for digital wallets; crypto payouts for marketplaces; crypto remittances for remittance providers; and white-label crypto trading for financial platforms.