Local crypto platform Coinhako receives full licence from MAS to provide digital payment token (DPT) services.
Cryptocurrency platform Coinhako has been granted the Major Payment Institution licence by the Monetary Authority of Singapore (MAS). The licence allows Coinhako to formally operate as a regulated provider of Digital Payment Token (DPT) Services under the Payment Services Act.
In 2021, Coinhako reported a total trading volume of approximately S$7 billion on the platform. Having obtained the full licence for the provision of DPT Services, Coinhako is looking to continue its growth momentum in Singapore.
Commenting on the licence approval, Yusho Liu, Coinhako Co-founder and CEO, said, “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 licence to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond.”
Gerry Eng, Co-founder and CTO, adds, “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.”
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