Cryptocurrency platform Hodlnaut announced that it has received in-principle approvals from the Monetary Authority of Singapore (MAS) to be a Major Payment Institution License under the Payment Services Act.
Hodlnaut currently offers two digital payment tokens (DPT) services, namely its borrowing and lending services as well as Token Swap feature.
Currently, MAS is only regulating Hodlnaut’s DPT Token Swap feature, and not its DPT borrowing and lending services.
Hodlnaut said that it will continue working towards meeting MAS’ requirements to secure a full license.
MAS has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.
The regulator had also issued an in-principle approval to cryptocurrency platform Coinhako and Paxos.
“We are thrilled to have received the in-principle approval (IPA) of the Monetary Authority of Singapore to provide digital payment token (DPT) services as a Major Payment Institution.
This aids with regulatory clarity and allows us to continue to serve our users through our existing DPT services. With this, we are confident about the growth of Hodlnaut,”
said Juntao Zhu, CEO, and Co-founder of Hodlnaut.
Featured image: Edited from Unsplash
