Cryptocurrency exchange Coinhako has been granted Monetary Authority of Singapore (“MAS”) official approval for a Major Payment Institution licence. The licence allows Coinhako to formally operate as a regulated provider of Digital Payment Token (DPT) Services under the Payment Services Act (PSA).

Commenting on the licence approval, Yusho Liu, Coinhako Co-founder and CEO, 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.”

Co-founder and CTO Gerry Eng adds, “Our teams are constantly reviewing our existing protocols against best practices in the industry and have astutely leveraged on new technologies to ensure that our compliance and security frameworks are world-class and robust.”

To celebrate the occasion, Coinhako has lowered trading fees from 1% to 0.6%. This fee reduction will apply to all buy, sell and swap orders.

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