Singapore’s cryptocurrency platform, Coinhako, announced today (November 16) that an approval has been issued in principle by the Singapore Monetary Authority (MAS) to offer digital payment witness services (DPT) under the Act of payment services (PSA) as an important payment. institution.
This makes Coinhako the first local non-bank cryptocurrency exchange to receive this approval.
Collin Cheong, Coinhako’s director of corporate development said the team has worked hard over the years to ensure that the business develops in a compliant manner and that receiving the approval of principle serves as an affirmation of the efforts of the computer to date.
It is now working hard “in the coming weeks” to meet MAS requirements to receive the license from the lead payment entity to offer DPT services in Singapore.
This license is required for vendors who want to conduct the sale and purchase of DPT (including cryptocurrencies such as Bitcoin) or operate a platform that allows people to exchange DPT.
“Singapore has always been at the forefront of fintech innovation. The regulation of DPTs under the Payment Services Act is a clear indication of our country’s willingness to foster innovations in digital assets and the cryptocurrency space at the same time. which balances the need to protect social and consumer interests, ”added Yusho Liu, co-founder and CEO of Coinhako. .
“This will not only increase Singapore’s growth as a cryptocurrency financial center, but will also allow traders and retail institutions to better identify which institutions can meet their digital asset needs.”
Riding in the booming cryptographic market
Founded in 2014, Coinhako offers fiat-to-crypto and crypto-to-crypto trading services with a digital portfolio for traders to store their digital assets easily and securely.
Headquartered in Singapore, the company has the support of prominent investors such as Tim Draper and Josh Jones, as well as established venture capital firms such as Boost VC.
Coinhako has grown enormously since the beginning. In the first eight months of 2021, Coinhako has experienced a 1,000 percent increase in trading volume, compared to the whole of 2020.
It currently has over 300,000 registered users in Singapore and an average of 150,000 monthly active users.
Earlier this year, Coinhako launched Privé, a digital asset platform to serve institutional and high net worth markets. It also recently hosted Singapore’s first large-scale NFT gallery event, Right Click + Save, at Le Freeport, which has attracted international attention.
Following this strong growth, the global cryptocurrency market is booming, as it has recently reached US $ 3 trillion for the first time.
According to the latest Mastercard survey, 45 percent of Asia Pacific consumers are considering using the cryptocurrency over the next year, more than the global average of 40 percent.
In Singapore and across the region, banks have stepped up efforts to adopt the blockchain and offer cryptography, and some traditional financial institutions have launched their crypto exchange platforms.
“Coinhako contributes to the growth of Singapore as a cryptographic hub. Over the next few years, we will expand our services in Singapore and expand into more regional markets while ensuring that our platform remains a secure platform for our customers,” he said. Gerry Eng, co-founder and CTO of Coinhako.
“Our vision is to make Coinhako the leading cryptocurrency trading platform in Singapore and throughout the region.”