Last Friday (May 6), Coinhako announced that it has officially been licensed as a Major Payment Institution by the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) services in Singapore under the Payment Services Act.
This licence, in contrast to the Standard Payment Institution licence by MAS, allows companies to provide any kind of payments services – including cryptocurrency payments – without limitation to total transaction amounts.
Last November, Coinhako was the first non-bank crypto exchange in Singapore to obtain an in-principle approval from MAS to offer DPT services. The company shared then that it has been working hard to meet MAS’ requirements to receive the coveted licence.
Coinhako is the fourth company to receive the Major Payment Institution licence. Last year, FOMO Pay, Independent Reserve and Triple A were all granted the licence.
Additionally, MAS has also issued in-principle approvals to several companies, including Hodlnaut, Digital Treasures Centre, Revolut, and Luno.
Coinhako sees strong growth in past year
Yusho Liu, co-founder and CEO of Coinhako / Image Credit: Coinhako
“Singapore’s stringent regulatory environment has been key in building the country’s strong and credible risk management reputation amongst innovators, entrepreneurs and investors,” commented Yusho Liu, co-founder and CEO of Coinhako.
“As interest in digital assets grows, 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.”
Founded in 2014, the crypto platform aims to be Asia’s gateway to the crypto-economy, providing easy access to digital assets like Bitcoin and other cryptocurrencies. In Singapore alone, it has over 400,00 registered users.
Last year, the company reported a total trading volume of around S$7 billion, an increase of 1,200 per cent from the previous year, and 522 per cent year-over-year growth in account openings.
Coinhako has also been eyeing further regional expansion, having raised an undisclosed amount last year, which will be used to expand Coinhako’s team across Southeast Asia.
Featured Image Credit: Coinhako