Coinhako Gets MAS’ In-Principle Approval for Digital Payment Tokens Servicesby Fintech News Singapore November 16, 2021
Singaporean cryptocurrency platform Coinhako has been issued an in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services under the Payment Services Act (PSA) as a major payment institution.
Coinhako said that it is currently working through the conditions of its in-principle approval with a view towards meeting MAS’ requirements to receive the full license.
MAS has so far granted three full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, and QR code payment solution provider FOMO Pay.
Coinhako offers both fiat-to-crypto and crypto-to-crypto trading services with a digital wallet for traders to store their digital assets.
In the first eight months of 2021, Coinhako has reportedly seen a 1000 percent increase in trading volume, compared to the whole of 2020. Currently, it has over 300,000 registered users in Singapore and an average of 150,000 monthly active users.
Coinhako also launched Privé, a digital assets platform to serve the institutional and high-net-worth markets earlier this year.
Yusho Liu, Co-founder and CEO of Coinhako said,
“The regulation of DPTs under the Payment Services Act is a clear indication of our nation’s readiness to nurture innovations in the digital assets and cryptocurrency space while balancing the need to protect consumer and social interests.
This will not only add to the growth of Singapore as a crypto financial hub, but also allow retail traders and institutions to better identify which institutions are able to meet their digital asset needs.”