Ripple’s Tranglo Got Approval for Money Transfers and E-Money services in Asia
Ripple client Tranglo got a license from the Monetary Authority of Singapore. Under this license permission, Tranglo can operate their services under the Payment Services Act.
In recent week, Authorities of Singapore announced their license regulatory framework for crypto related services & firms that is mandatory for all companies to operate their services which are related to the cryptocurrency or digital token in the Singapore region. Now Tranglo got the license from the MAS to operate their services.
Related: Singapore’s crypto license is ready
Under the approval from the Monetary Authority of Singapore ( MAS), Tranglo will offer their service for customers to allow payments in the country & cross border easily.
Here Ripple is playing a significant role to boost the services of the Tranglo firm. Recently Ripple firm bought 40% stakes of Tranglo to spread the impact of the services of Tranglo in Southeast Asia and to launch new ODL (On-Demand Liquidity) corridors for their local consumers.
The license that is granted for Tranglo is under the Payment Services Act which is in effect from 2019. While the authorities of Singapore which are giving licenses for such kinds of services always do an oversight view whether they can go under Payment services Act which has existed for a long time or they have to grant Crypto related license, which was recently released by the Singapore regulators.
The companies which have such license from MAS, should have to comply with the law of Anti Money Laundering & terrorism financing rules.
Read also:Cardano founder wants Crypto Support Rally In Washington DC
