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.”
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
High Court dismisses bid by co-founder and CTO to liquidate Cake Group
Semiconductor unicorn Silicon Box vows to avoid geopolitical mire
A cheat sheet of startup and tech M&As in South-east Asia
Zilingo ex-CEO’s criminal complaint is retaliation against whistleblowers: source
Gojek and ComfortDelGro Taxi to send untaken rides to each other’s platforms
SG fintech firm Bambu shuts down after missing profit targets, says founder