Crypto platform Hodlnaut gets MAS nod for Major Payment Institution licence

THE Monetary Authority of Singapore has given in-principle approval to cryptocurrency platform Hodlnaut for a Major Payment Institution licence.

The licence regulates Hodlnaut's token swap feature, not the digital payment token lending or borrowing services. Token swaps allow users to exchange cryptocurrencies, for instance from Bitcoin to Ethereum.

The cryptocurrency platform will be working towards meeting the requirements of a full Major Payment Institution.

"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," said Juntao Zhu, chief executive officer, and co-founder of Hodlnaut.

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