November 17, 2021
Cryptocurrency platform Coinhako said it has received “in-principle” approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution under the local Payment Services Act (PSA).
The Singapore-based platform said that it’s the first non-bank crypto exchange in the city-state to obtain such an approval, and it is working to meet MAS requirements for the license. It will also collaborate with the relevant authorities on regulatory frameworks for digital assets trading.
“Over the next few years, we will broaden our services in Singapore and expand into more regional markets while ensuring that our platform remains a safe and secure platform for our customers,” Gerry Eng, Coinhako’s co-founder and chief technology officer, said in a statement.
Founded in 2014 by Eng and Yusho Liu, Coinhako is a digital asset wallet provider and offers fiat-to-crypto and crypto-to-crypto trading services, among others.
The company said it saw a 1,000% growth in trading value in the first eight months of 2021 compared with calendar year 2020. At present, Coinhako has more than 300,000 registered users in Singapore and an average of 150,000 monthly active users.
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