Coinhako receives MAS licence to offer crypto payment services

HOMEGROWN cryptocurrency exchange Coinhako has secured a licence from the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) services in Singapore.

The platform has been granted approval for a major payment institution (MPI) licence, which will allow it to provide DPT services under the Payment Services Act (PSA), it said in a press statement on Friday (May 6). It was previously granted a temporary exemption from holding a licence under the PSA.

Last year, MAS issued 4 DPT licences to Singapore-based fintech firm Fomo Pay, Australian cryptocurrency exchange Independent Reserve, DBS's brokerage arm DBS Vickers, as well as crypto payment provider Triple A.

Established in 2014, Coinhako has a base of over 400,000 registered users in Singapore today. The crypto platform has grown its staff count to more than 200 employees in its Singapore and regional offices. 

Yusho Liu, co-founder and chief executive officer of Coinhako, said: “Coinhako has always adopted a compliant-first approach and with the MPI licence to provide DPT services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond.”