Singaporean cryptocurrency platform Coinhako announced that it has been granted a full license to provide Digital Payment Token (DPT) Services under the Payment Services Act (PSA) by the Monetary Authority of Singapore (MAS).
Coinhako said in a statement that obtaining the license has always been a top priority and it had worked arduously towards achieving this goal.
The firm had previously secured in-principle approval from the regulator in November last year.
MAS has so far granted four other 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 firm TripleA.
Coinhako offers both fiat-to-crypto and crypto-to-crypto trading services with a digital wallet for traders to store their digital assets.
“As interest in digital assets grows, it’s critical that institutional and corporate investors have confidence in Singapore’s financial stability and the assurance that policies and frameworks are in place to protect their assets.
Coinhako has always adopted a compliant-first approach and with the MPI (Major Payment Institution) license to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond.”
said Yusho Liu, CEO and Co-Founder of Coinhako.
“Having received the MPI licence to provide DPT Services, Coinhako is uniquely positioned to present a tier-one regulated, secure and technologically advanced crypto-solution platform to the regional markets.”
said Gerry Eng, Co-founder and CTO of Coinhako.